In 2003, Bristol-Myers Squibb announced that it had to restate its F/S as a result of channel stuffing $3.35B of products into wholesalers warehouses from 1999-2001. The firms sales and COGS during this period were: 2001 2000 1999 Net sales $18,139B $17,695B $16,502B Cost of products sold 5,454B 4,729B 4,458B The firms marginal tax rate during the three years was 35%. Explain the distortion that this channel