1. Assume that Barber Co. uses the LIFO inventory costing method for both tax and financial reporting purposes. The balance sheet reports inventories at $297 million. Then, in its footnotes, the company reports that inventories would have been $327 million had the company used the FIFO method. The difference between these two numbers ($30 million) is referred to as: A) LIFO reserve B) LIFO conformity rule C) LIFO holding gain D) Inventory temporary difference E) None of the above 2. The January 28, 2017 (fiscal year 2016) financial statements of Caleres, Inc. reported the following information in thousands). Cost of sales Inventories, net LIFO reserve 2016 $1,517,397 585,764 4,345 2015 $1,529,527 546,745 4,094 If Caleres had used the FIFO method of inventory costing, 2016 inventory would have been: A) $506,852 million B) $590, 109 million C) $504,752 million $581,419 million E) None of the above D) SO