Vance Company reported the following summarized annual data at the end of 2020: $1,000,000 Sales revenue Cost of goods sold Gross margin 600,000 400,000. 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 Gross margin Operating expenses Income before income taxes $ 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 $ FIFO LIFO $ $