Income statement and balance sheet information abstracted from a recent annual report of Wolverine World Wide, Incorporated, appears below: Balance Sheets ($ in millions) December 28, 2019 December 29, 2018 Current assets: Inventories $ 348.2 $ 317.6 Income Statements ($ in millions) For the Year Ended December 28, 2019 December 29, 2018 Net sales Cost of goods sold Gross profit $ 2,273.7 1,349.9 $ 923.8 $ 2,239.2 1,317.9 $ 921.3 The significant accounting policies note disclosure contained the following: Inventories The Company used the LIFO method to value inventories of $81.2 million and $61.1 million at December 28, 2019, and December 29, 2018, respectively. During fiscal years 2019 and 2018, a reduction in inventory quantities resulted in a liquidation of applicable LIFO inventory quantities carried at lower costs in prior years. This LIFO liquidation decreased cost of goods sold by $0.4 million and $4.6 million, respectively. If the FIFO method had been used, inventories would have been $11.4 million and $11.8 million higher than reported at December 28, 2019, and December 29, 2018, respectively. Required: 1. Is Wolverine disclosing the FIFO cost of its LIFO inventory? 2. Calculate what beginning inventory and ending inventory would have been for the year ended December 28, 2019, if Wolverine had used FIFO for all of its inventories. 3. Calculate what cost of goods sold and gross profit would have been for the year ended December 28, 2019, if Wolverine had used FIFO for all of its inventories. 4. In 2019, Wolverine reported a LIFO liquidation. Did this liquidation increase or decrease cost of goods sold in 2019? Does this indicate that inventory costs have been increasing or decreasing over time? Calculate what beginning inventory and ending inventory would have been for the year ended December 28, 2019, if Wolverine had used FIFO for all of its inventories. Note: Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place. Beginning inventory Ending inventory million million Calculate what cost of goods sold and gross profit would have been for the year ended December 28, 2019, if Wolverine had used FIFO for all of its inventories. Note: Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place. Cost of goods sold Gross profit million million In 2019, Wolverine reported a LIFO liquidation. Did this liquidation increase or decrease cost of goods sold in 2019? Does this indicate that inventory costs have been increasing or decreasing over time? Did this liquidation increase or decrease cost of goods sold in 2019? Does this indicate that inventory costs have been increasing or decreasing over time?