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

###### Question:

Presented below are income statements prepared on a LIFO and FIFO basis for Headland Company, which started operations on January 1, 2016. The company presently uses the LIFO method of pricing its inventory and has decided to switch to the FIFO method in 2017. The FIFO income statement is computed in accordance with the requirements of GAAP. Headland’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 2017 2016 2017 2016 Sales $3,030$3,030 $3,030$3,030 Cost of goods sold 1,100 1,030 1,070 910 Operating expenses 1,040 1,040 1,040 1,040 Income before profit-sharing 890 960 920 1,080 Profit-sharing expense 89 96 104 96 Net income $801$864 $816$984

(a)

If comparative income statements are prepared, what net income should Headland report in 2016 and 2017? (Round answers to 0 decimal places, e.g. 125.)
 2017 2016 Net income 

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