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Notes from Caterpillar Financials: Inventories (principally using the LIFO method) are comprised of the following: If the FIFO (first-in, first-out) method had been in use,

image text in transcribed Notes from Caterpillar Financials: Inventories (principally using the LIFO method) are comprised of the following: If the FIFO (first-in, first-out) method had been in use, inventories would have been ! million and : million higher than reported at December 31 , 2022 and 2021 , respectively. What was the LIFO Reserve as of December 31, 2022? Given this reserve and assuming a tax rate of 35\%, how much money has Caterpillar saved by electing to use LIFO vs. FIFO? How much did the LIFO reserve increase from 2021 and 2022? Given the increase, how much did the company save in tax in 2022

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