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Question - Actinote is considering a change from FIFO to LIFO. The company reported ending inventory of $3,121,000 in 2020 using FIFO and would have reported $3,745,000 using LIFO; this year they reported inventory of $4,681,000 under FIFO and would have reported $5,383,000 under LIFO. If Actinote reported net income in 2020 of $6,179,000 and in 2021 of $9,689,000, what will their net income for 2021 if they change to LIFO?
a. $6,803,000
b. $8,987,000
c. $5,555,000
d. $10,391,000
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