Fall AUZI 7. A disclosure note from Snap-on Inc.'s 10-K for the 2020 fiscal year is listed below. Use this disclosure note to answer the following questions. Any dollar amounts in your answers should be reported in millions Suterentorini Lato wyjacices of 2030 2019 year end safe 2020 2010 635 313 Finished to Work is progress Raw materiale Total FIFO value Eren of come conto LIFO cout Total inventories-net 10 5 1261 3249 DO LO 2655 7603 2000 AOCAL REPORT Museo Cerealidad Prudement from Inventories accounted for using the FIFO method approximated 57% dis of total retorit u of 2020 and 2019 year end, pectively The company accounts for it as US ventory enthe FIFO metod. As of 2020 year and approximately 30% of the company's US restory was accounted for using the FIFO method and 7 was accused for using the LIFO method. These were to LIFO eventory liquidation in 2020, 2019 or 2010 a. If the firm had used FIFO for all of its inventories, would before-tax income for the 2020 fiscal year have been higher or lower, and by what amount? Assume a 20% tax rate. (I point) b. Assuming a tax rate of 20%, at the end of 2020, what is the firm's cumulative tax savings by using LIFO instead of solely using FIFO? ( point)