Question 24 Consider the following excerpt from Merck's 2018 annual report 7. Iaventories Inventories at December 31 consisted of: 2018 2017 S 1,658 1.334 4,703 Finished goods Raw materials and work in process 5,004 194 201 Supplies Total (approximates current cost) Increase to LIFO costs 6,856 6,238 1 45 $ 6,857 $ 6,283 Which of the following is not true? Cumulatively through the end of 2018, Merck's use of LIFO caused it to pay more in income taxes than it would have under FIFO During 2018 only, Merck's use of LIFO caused it to pay more in income taxes than it would have under FIFO. Merck's inventory turnover would be higher under FIFO than it is under LI FO Merck's use of LIFO causes it to report higher net income than it would under FIFO