Analyzing Inventories with Quarterly Data and LIFO Liquidation The inventory footnote from The Dow Chemical Company's first quarter 2019 SEC report follows. The company also reports cost of goods sold for Q1 of 2019 of $10,707 million. Inventories, in millions Mar. 31, 2019 Dec. 31, 2018 Finished goods $5,703 $5,640 Work in process 2,239 2,214 Raw materials 940 941 Supplies 891 880 Total $9,773 $9,675 Adjustment of inventories to a LIFO basis. (265) (415) Total inventories $9,508 $9,260 What is the effect on Q1 of 2019 pretax income and cash flow of using this inventory costing method, assuming a 21% tax rate? Note: Do not use any negative signs with your answers. Effect on pretax income (in millions): $ Increase Reduction Effect on cash flows (in millions): $ c. Determine the FIFO values for inventories and cost of goods sold for Q1 of 2019. Recompute inventory turnover and DIO. FIFO inventories $ 9773 FIFO CGS $ 10857 Note: Do not round until your final answer; round your final answer to one decimal place (for example, enter 6.8 for 6.77555). Inventory turnover 1.1 times Average inventory days x days