BestOilEver Company uses the LIFO method of accounting. They report: 2017 2016 Inventories (on Balance Sheet) 97 million 14 million 90 million 10 million LIFO Reserve (in footnotes) a. If BestOilEver Company was a FIFO firm, how much would they report as inventories on their Balance Sheet at the end of fiscal year 2017? b. The 2017 Gross Profit of BestOilEver as reported in the Income Statement was $66 million. If BestOilEver was a FIFO firm, how much would they report as Gross Profit in 2017? c. Assuming a 20% income tax rate, by what cumulative dollar amount (i.e., over the full life of the firm through 2017) have BestOilEver cash payments to tax authorities been affected by the use of LIFO? Give direction: increased or decreased and the corresponding amount.

Bvickif wer Covmpury wes the 1.1O method of accounting ther nepont 4. if Bestoif ies Company was a FIPO firm, how inuch wovid they report an imentoeies an thee Balance Sheet at the end of fecal yeur 2017 ? IHPO Gave dirction increased or deovased and the comresponding amount