If Ouyang Inc. had used FIFO instead of LIFO, the amount of cost of goods sold (COGS) for 2013 would have been closest to:

3,805 million

3,618 million

3,092 million

2,983 million

2,738 million

Use the following data (in millions) for questions 1 through 4 Table: Ouyang Inc. Financial Information (in millions) Financial Information Inventories LIFO reserve Total assets Retained earnings (RE) Sales Cost of goods sold (COGS) Net income (NI) 2013 2012 483 172 1,928 1,783 372 6,372 5,729 3,829 3,518 74 329 148 298 62 Also assume that the effective income tax rate for Ouyang Inc. is 30%