Sandhill 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:

Final Inventory, $2023,2024$

FIFO, $$300000,$ $$340000$

Net income $($computed under the FIFO method$)480000,730000$