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E6.20 LIFO Reserve: Restating Financial Statements. The following information is taken from the annual report of Herman Miller, Inc.: 2019 2018 (in millions) Cost of
E6.20 LIFO Reserve: Restating Financial Statements. The following information is taken from the annual report of Herman Miller, Inc.: 2019 2018 (in millions) Cost of goods sold. Net income before tax Ending inventory. Inventory reserve $1,637.3 200.1 184.2 171.5 $1,508.2 170.5 162.4 149.8 Herman Miller uses LIFO to value its inventory. Restate the company's financial results for 2019 assuming the use of the FIFO method. Assume an effective tax rate of 20 percent. Which method-FIFO or LIFOshould Herman Miller use to report its financial results to its shareholders? Why
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