Sullivan Produce Co. switched from FIFO to LIFO on January 1, 2015, for external reporting and income tax purposes, while retaining FIFO for internal reports. On that date, the FIFO inventory equaled $360,000. The ensuing three-year period resulted in the following: Inventory Cost Date Year-End Costs Index December 31, 2015 $438,000 1.05 December 31, 2016 460,000 1.15 December 31, 2017 520,000 1.25