Kerry's Kitchen Equipment Company sells ovens and stoves, and usesLIFOfor financial reporting purposes. Kerry's Annual Report for the year ending December 31, 2019, included the following information:

Assuming that there were no inventory "write-downs" during the year, based on the information provided above, what conclusions may be made?

A.Kerry's Kitchen had a "LIFO Liquidation" in 2019 B.Kerry's Pre-Tax Net income for 2019 would have been HIGHER if Kerry had used FIFO for financial reporting purposes, rather than LIFO. C.Both A and B D.None of the above

Inventory on Balance Sheet "LIFO Reserve" per footnotes Dec. 31, 2018 $ 180,000 60,000 Dec. 31, 2019 $ 160,000 40,000