Schmidt Company began operations on January $1,2017($or any year before that$)$ and used LIFO inventory method for both Financing reporting and Income tax reporting. However, at beginning of $2018,$ Schmidt decided to switch to FIFO inventory method for Financial and Income tax reporting. It had previously reported the following financial statements for $2017$: LIFO COGS FIFO COGS $201562,00056,0000201678,00069,000201790,00080,0000$ Tax rate $30\%$