Homework Assignment i saved Mannisto Inc. uses the FIFO Inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $257,499 and average assets of $1,508,450. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $31.700 more than under FIFO, and its average assets would have been $44,580 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and LIFO). (Enter your answers as percentages rounded to 1 decimal place (I.e., 12.2%).) FIFO LIFO 96 9% ROI b. Suppose that two years later costs and prices were falling. Under FIFO, net income and average assets were $301,779 and $1,771,010, respectively. If LIFO had been used through the years, Inventory values would have been $45,980 less than under FIFO, and current year cost of goods sold would have been $21,944 less than under FIFO. Calculate the firm's ROI under each cost flow assumption (FIFO and LIFO). (Enter your answers as percentages rounded to 1 decimal place (I.e., 12.2%).) es FIFO LIFO 96 ROI %