Vance Company reported the following summarized annual data at the end of 2020: Sales revenue $1,000,000 Cost of goods sold 600,000 Gross margin 400,000 Operating expenses 250,000 Income before income taxes. $150,000 *Based on an ending FIFO inventory of $250,000. The income tax rate is 40%. The controller of the company is considering a switch from FIFO to LIFO. He has determined that on a LIFO basis, the ending inventory would have been $180,000. Restate the summary information on a LIFO basis. Sales revenue Cost of goods sold Restate the summary information on a LIFO basis. Sales revenue Cost of goods sold Gross margin Operating expenses Income before income taxes $ $ +A What effect, if any, would the proposed change have on Vance's income tax expense, net income, and cash flows? Income tax expense Net income Cash effect eTextbook and Media FIFO LIFO If you were an owner of this business, what would your reaction be to this proposed change? Owners of the business may favor the LIFO basis since more cash will be available for use in the business. LIFO results