Wolfgang Kitchens has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2016, Wolfgang decided to change to the LIFO method. Net income in 2016 was correctly stated as $90 million. If the company had used LIFO in 2015, its cost of goods sold would have been higher by $7 million that year. Company accountants are able to determine that the cumulative net income for all years prior to 2015 would have been lower by $23 million if LIFO had been used all along, but have insufficient information to determine specific effects of using LIFO in 2014. Last year, Wolfgang reported the following net income amounts in its comparative income statements: