E9-12 Willitz Paper Supply is nearing the end of its best year ever. With three weeks until year end, it appears that net income for the year will have increased by 70% over last year. Bruce Willitz, the principal stockholder and president, is pleased with the year's success but unhappy about the huge increase in income taxes that the business will have to pay He asks you, the financial vice president, to come up with a way to decrease the business's income tax. Inventory quantities are a little lower than normal because sales have been especially strong during the last few months. Willitz Paper Supply uses the LIFO inventory method, and inventory costs have risen dramatically late in the year. Required Write a memorandum to Bruce Willitz to explain how Willitz Paper Supply can decrease its income taxes for the current year. Willitz is a man of integrity, so your plan must be completely honest. Adapt the memo format given for Exercise 9-9.