(CFA Adapted) Zappa Corp. uses LIFO inventory accounting. The footnotes to the 20x4 financial statements contain the following data as of December 31: 20x3 20x4 Raw materials $392,675 $369,725 Finished goods 401,325 377,075 Inventory on FIFO basis $794,000 $746,800 LIFO reserve (46,000) (50,000) Inventory on LIFO basis $748,000 $696,800 You are also provided the following data: The company has a marginal tax rate of 35%. COGS for 20x4 is $3,800,000 Net income for 20x4 is $340,000. Return on equity for 20x4 is 4.6%. a. Calculate 20x4 net income for Zappa, assuming it uses the FIFO inventory method. b. Calculate the companys inventory turnover ratio on both a FIFO and LIFO basis. c. Calculate Zappas return on equity on a FIFO basis (remember to adjust both the numerator and denominator). d. Discuss the usefulness of the adjustments made in parts a, b, and c to the financial analyst. e. Describe alternative measures of inventory turnover and return on equity that would be more useful to assess Zappas operating performance.