If Ouyang Inc. had used FIFO instead of LIFO, the retained earnings for 2013 would have been higher by an amount closest to:

183 million

120.4 million

113.8 million

98.3 million

87.7 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%