Assume that, at the end of 1999 (1998), Pfizer reported that replacement cost (equivalent to FIFO) for its inventories that are valued using LIFO accounting were $15 ($8) million greater than the LIFO valuation. Ignoring the impacts of any acquisitions and divestitures, how much income from continuing operations before provision for taxes on income and minority interests would have been reported by Pfizer if it had used replacement cost accounting (FIFO) during 1999? Show work and discuss the advantages of FIFO over LIFO and vice versa.

You need to set up an assumption using your own figures, but incorporating the FIFO dollar amount to come out with the income. This will be give you an analysis to write about comparing the FIFO and LIFO evaluation methods. So there is nothing missing here.