Kingbird Company began operations in 2018 and for simplicity reasons, adopted weighted-average pricing for inventory. In 2020, in accordance with other companies in its industry, Kingbird changed its inventory pricing to FIFO. The pretax income data is reported below: Weighted- Average Year FIFO $384,700 2018 422,600 $399,100 2019 426,600 $398,400 2020 467,100 What is Kingbird's net income in 2020? Assume a 35% tax rate in all years. Net Income $ Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing. Net effect $ e Textbook and Media Show comparative income statements for Kingbird Company, beginning with income before income tax, as presented on the 2020 income statement.