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please answer all four question ASAP On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions) Assume corporate tax
please answer all four question ASAP
On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions) Assume corporate tax rate of 40%. Question: If Collette had used FIFO method instead of LIFO method, what inventory (in millions) would Collette report for 2022? Question: If Collette had used FIFO method instead of LIFO method, what net income would Collette report in 2022? Question: What is the cumulative amount of income tax savings that Collette generated through the end of 2022 by using LIFO instead of FIFO? Question: If Collette had used FIFO method instead of LIFO method, what amount would be added to Collette's retained earnings at the end of 2022 Step by Step Solution
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