Question 6: Use the following information and assume a tax rate of 40%. Year Ending inventory using FIFO Ending inventory using LIFO 2019 232,000 2020 326,000 265,000 390,000 What would be the change in the net income in 2020 if the company switches from LIFO to FIFO inventory in 2020? Question 7: Use the following information and assume a tax rate of 40%. Year Ending inventory using FIFO Ending inventory using LIFO 2019 232,000 265,000 2020 326,000 390,000 What would be the change in the net income in 2020 if the company switches from LIFO to FIFO inventory in 2019 and 2020?