Q4:B) The single-step income statement for Clinton Company for 2009 reported the following under two atiffemant nomatrimitionte Answer the following questions (assume a 40% income tax rate): A. Were merchandise inventory costs rising, or falling? Explain your answer. B. What was the amount of the LIFO ending inventory? C. Calculate net income (after tax) for both LIFO and FIFO. D. Under FIFO, would retained earnings on the balance sheet be more or less than under LIFO? (10 mark)