LIFO Layer Liquidations and Net Income. The following information is taken from the annual report of The Claremont Corporation:

(in millions)	Year 2	Year 1
Net income before tax	$375	$29

The company uses the LIFO method to value its inventory. In addition, the footnotes to the company's annual report revealed that, during Year 2 and Year 1, inventory usage resulted in liquidations of LIFO inventory quantities, and the effect of these liquidations was to reduce the cost of goods sold by $28 million and $6 million in Year 2 and Year 1, respectively.

Calculate the company's net income before tax assuming that the LIFO inventory liquidations had not occurred.

	Year 2	Year 1
Restated net income	Answer	Answer