Question 11 of 24 - 13.75 TE ... View Policies Current Attempt in Progress Crane Company began operations on January 1, 2020, 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: Final Inventory. 2020 2021 FIFO $540000 $ 692000 LIFO 500000 546000 Net Income (computed under the FIFO method) 960000 1410000 The company deems it impracticably to apply the retrospective approach. Based on the above information, a change to the LIFO method in 2021 would result in net income for 2021 of O $1264000. O $1410000. O $960000. O $1370000