Problem 8-8 (Static) Supplemental LIFO disclosures; Caterpillar (L08-4, 8-6] Caterpillar, Inc., is one of the world's largest manufacturers of construction, mining, and forestry machinery. The following disclosure note is included in the company's 2017 financial statements: at the lower on the LIFO basis had been in D. Inventories ($ in millions) Inventories are stated at the lower of cost or net realizable value. Costis principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis represented about 65 percent and 60 percent of total Inventories at December 31, 2017 and 2016. If the FIFO (first-in, first-out) method had been in use, inventories would have been $1,934 million and $2,139 million higher than reported at December 31, 2017 and 2016, respectively. Required: 1. The company reported LIFO cost of goods sold of $31,049 million Calculate the amount that would be reported for cost of goods sold had Caterpillar used the FIFO inventory method for all of its inventory during 2017 2. Using the cost of goods sold calculated in requirement 1, how much higher (lower) would income before taxes be, if Caterpillar had used the FIFO inventory method for all of its inventory? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 The company reported LIFO cost of goods sold of $31,049 million. Calculate the amount that would be reported for cost of goods sold had Caterpillar used the FIFO inventory method for all of its inventory during 2017. (Enter your answer in millions) Cost of goods sold FIFO 30.344 millon Required t Required 2 >