GG Incorporated uses LIFO. GG disclosed that if FIFO had been used, inventory at the end of 2024 would have been $16 million higher than the difference between LIFO and FIFO at the end of 2023. Assuming GG has a 25% income tax rate: Multiple Choice its reported cost of goods sold for 2024 would have been $12 million higher if it had used FIFO rather than LIFO for its financial statements. its reported cost of goods sold for 2024 would have been $16 million higher if it had used FIFO rather than LIFO for its financial statements. its reported net income for 2024 would have been $12 million higher if it had used FIFO rather than LIFO for its financial statements. its reported net income for 2024 would have been $16 million higher if it had used FIFO rather than LIFO for its financial statements.

GG Incorporated uses LIFO. GG disciosed that if FIFO had been used, inventory at the end of 2024 would have been $16 milion higher than the difference between LIFO and FIFO at the end of 2023. Assuming GG has a 25\% income tax rate: Nulipie Choice its repprted cost of goods soid for 202.4 would have been $12 milion higher if thad used PFO rather than LIFO for Ats financial watements. its reported cont of goods sold for 2024 would have been $16 milion higher if it hed used fFO rather than LFO for its financial statements As reponed net income for 2024 would have been $12 milion higher if it hed used Fifo rather then LFo for its finencial stateinents its reported net inome for 2024 would have been 516 mision higher if it had used FifO rather than Lifo for its frsncial statements