Presented below are income statements prepared on a LIFO and FIFO basis for Marigold Company, which started operations on January 1, 2016. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2017. The FIFO income statement is computed in accordance with the requirements of GAAP. Marigolds profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit-sharing. Income taxes are ignored

Presented below are income statements prepared on a LIFO and FIFO basis for Marigold Company, which started operations on January 1, 2016. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2017. The FIFO income statement is computed in accordance with the requirements of GAAP. Marigold's profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit-sharing. Income taxes are ignored. LIFO Basis 2017 2016 FIFO Basis 2017 2016 $3,010 1,150 $3,010 980 Sales Cost of goods sold Operating expenses Income before profit-sharing Profit-sharing expense $3,010 1,060 980 980 980 $3,010 950 980 1,080 105 $975 880 88 1,050 105 $945 970 100 $870 Net income $792 Answer the following questions. (a) If comparative income statements are prepared, what net income should Marigold report in 2016 and 2017? (Round answers to o decimal places, e.g. 125.) 2017 2016 Net income