Sunland Company began operations on January 1, 2020, 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 2020 2021
FIFO $350000 $ 390000
LIFO 270000 330000
Net Income (computed under the FIFO method) 530000 780000
Based on the above information, a change to the LIFO method in 2021 would result in net income for 2021 of:.