1. If Collette had used FIFO method instead of LIFO method, what net income would Collette report in 2022?
2. What is the cumulative amount of income tax savings that Collette generated through the end of 2022 by using LIFO instead of FIFO?
3. If Collette had used FIFO method instead of LIFO method, what amount would be added to Collettes retained earnings at the end of 2022?

On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions) Assume corporate tax rate of 40%