Heinz Company began operations on January 1, 2017, and uses the FIFO method in costing its raw material inventory. Management is contemplating a change to the LIFO method and is interested in determining what effect such a change will have on net income. Accordingly, the following information has been developed: Final Inventory 2017 2018 FIFO $640,000 $ 712,000 LIFO 560,000 636,000 Net Income (computed under the FIFO method) 980,000 1,330,000 Based on the above information, a change to the LIFO method in 2018 would result in net income for 2018 of Group of answer choices
a. $1,370,000.
b. $1,250,000.
c. $1,254,000.
d. $1,330,00
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