QUESTION 1 WalkerCo reported cost of goods sold of $1,325. Inventory at the beginning of the year was $498 and at the end of the year $434. The LIFO reserve at the beginning of the year was $126 and at the end of the year $123. If the company had used the FIFO inventory costing method, what would the company have reported as inventory on its end-of-year balance sheet? QUESTION 2 In its financial statements KR] reported (in $ thousands) net income of $107 and an effective tax rate of 31%. Total assets at the beginning of the year was $2,204 and at the end of the year $2,706. The LIFO reserve at the beginning of the year was $316 and at the end of the year $224. Recalculate net income after including the adjustment for LIFO