An annual report for International Paper Company included the following note: The last-in, first-out inventory method is used to value most of International Paper's U.S. inventories..."If" the first-in, first-out method had been used, it would have increased total inventory balances by approximately $2,2471 million and $1,744.5 million at December 31, 2011 and 2010, respectively. For the year 2011, International Paper Company reported net income (after taxes) of $325.5 million. At December 31, 2011, the balance of International Paper Company's retained earnings account was $15,320 million. 15. 1. Determine the amount of net income that International Paper would have reported in 2011 if it had used the FIFO method (assume a 35 percent tax rate). (Enter your answer in millions. Round your intermediate and final answer to 1 decimal place.) Net income million