Balance Sheets ($ in millions) January 2, 2016 January 3, 2015 Current assets: Inventories $ 466.6 $ 414.0 Income Statements ($ in millions) For the Year Ended January 2, 2016 January 3, 2015 Net sales $2,691.6 $2,761.1 Cost of goods sold 1,636.9 1,673.8 Gross profit $1,054.7 $1,087.3 The significant accounting policies note disclosure contained the following: Inventories The Company used the LIFO method to value inventories. If the FIFO method had been used, inventories would have been $27.0 million and $25.1 million higher than reported at January 2, 2016 and January 3, 2015, respectively. Required: 1. Why is Wolverine disclosing the FIFO cost of its LIFO inventory? 2. Calculate what beginning inventory and ending inventory would have been for the year ended January 2, 2016, if Wolverine had used FIFO for all of its inventories. 3. Calc cost of goods would have been the year ended January 2016, if Wolverine had used FIFO for all of its inventories