Presented below are income statements prepared on a LIFO and FIFO basis for Monty Company, which...

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Presented below are income statements prepared on a LIFO and FIFO basis for Monty Company, which started operations on January 1,2024. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2025. The FIFO income statement is computed in accordance with the requirements of GAAP. Monty's profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit-sharing. Income taxes are ignored. LIFO Basis FIFO Basis 2025 2024 2025 2024 Sales revenue $3,070 $3,070 $3,070 $3,070 Cost of goods sold 1,180 1,050 1.060 990 Operating expenses 980 980 980 980 Income before profit-sharing 910 1,040 1.030 1,100 Profit-sharing expense 91 104 109 104 Net income $819 $936 $921 $996 a) * Your answer is incorrect. If comparative income statements are prepared, what net income should Monty report in 2024 and 2025? Net income eTextbook and Media 2025 819 2024 936 Presented below are income statements prepared on a LIFO and FIFO basis for Monty Company, which started operations on January 1,2024. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2025. The FIFO income statement is computed in accordance with the requirements of GAAP. Monty's profit-sharing agreement with its employees indicates that the company will pay employees 10% of income before profit-sharing. Income taxes are ignored. LIFO Basis FIFO Basis 2025 2024 2025 2024 Sales revenue $3,070 $3,070 $3,070 $3,070 Cost of goods sold 1,180 1,050 1.060 990 Operating expenses 980 980 980 980 Income before profit-sharing 910 1,040 1.030 1,100 Profit-sharing expense 91 104 109 104 Net income $819 $936 $921 $996 a) * Your answer is incorrect. If comparative income statements are prepared, what net income should Monty report in 2024 and 2025? Net income eTextbook and Media 2025 819 2024 936