ng equipment, building products, materials & timber for Millington Materials is a leading supplier of building equipment, building products, materials & timber for sale, with over 200 branches across the Mid-South. On January 1, 2016, management decided to change from the LIFO inventory costing method to the FIFO inventory costing method at each of its outlets. The following table presents information concerning the change. The income tax rate for all years is 40%. : Income before Income Tax Difference $ 7 million 13 million 1 million FIFO LIFO Before 2015 2015 2016 $ 25 million $18 million 28 million 20 million 15 million 19 million