Pharoah Company began operations on January 1,2023, and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed: Based upon the above information (ignore income tax considerations), a change to the LIFO method in 2024 would result in net income for 2024 of $730000$710000$650000$770000