LIFO Layer Liquidations and Net Income The following information is taken from the annual report of The Claremont Corporation in millions Year 2 Year Net income before tax 571 26 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 nd 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 56 million in Year 2 nd Year 1, respectively Calculate the company's net income before tax assuming that the giro inventory liquidations had not occurred. Year 2 Year 1 feed net income