LIFO Reserve 1 point What is the amount of the LIFO reserve at the end of 2016? Valinc. reports their inventory using LIFO. The firm's inventory balances at year end are as follows (all dollar figures in millions): 2015 2016 LIFO Inventory $115 $120 FIFO Inventory $135 $145 Assume a 40% tax rate. 1 point How much taxes did Val defer in 2016 because they used LIFO? 7 What is the cumulative (total amount of taxes that Valhas deferred through the end of 2016? 114 BO E O to search