Fall 2017 Excerpts of selected financial statements and notes from Ford's 10-K for the fiscal year ended on December 31, 2010 are listed on the following page. You will need to refer to those excerpts to answer the following questions. Any dollar amounts in your answers should be reported in millions. 7. a. If the firm had used FIFO for all of its inventories, would before-tax income for the fiscal year ended on December 31, 2010 have been higher or lower, and by what amount? Assume a 35% tax rate. (1 point) Assuming a tax rate of 35%, at the end of 2010, what is the firm's cumulative tax savings by using LIFO instead of solely using FIFO? (1 point) b. Fall 2017 Excerpts of selected financial statements and notes from Ford's 10-K for the fiscal year ended on December 31, 2010 are listed on the following page. You will need to refer to those excerpts to answer the following questions. Any dollar amounts in your answers should be reported in millions. 7. a. If the firm had used FIFO for all of its inventories, would before-tax income for the fiscal year ended on December 31, 2010 have been higher or lower, and by what amount? Assume a 35% tax rate. (1 point) Assuming a tax rate of 35%, at the end of 2010, what is the firm's cumulative tax savings by using LIFO instead of solely using FIFO? (1 point) b