Vaughn Company began operations in 2018 and for simplicity reasons, adopted weighted average pricing for inventory. In 2020, in accordance with other companies in its industry, Vaughn changed its inventory pricing to FIFO. The pretax income data is reported below. Weighted Average Year FIFO 2018 $390,600 $414,000 2019 421,500 410,000 414,700 2020 473,400 What is Vaughn's net income in 2020? Assume a 35% tax rate in all years Net Income $ e Textbook and Media Compute the cumulative effect of the change in accounting principle from weighted average to FIFO inventory pricing Net effects Show comparative income statements for Vaughn Company, beginning with income before income tax, as presented on the 2020 income statement. 2020 2019 2018 Income before income tax $ Income tax Net income