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Real World Financials Caterpillar, Inc., is one of the world's largest manufacturers of construction, mining, and forestry machinery. The following disclosure note is included in

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Real World Financials 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 2019 financial statements: Required: 1. The company reported LIFO cost of goods sold of $36,630 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 2019. 2. How does the amount in requirement 1 affect income before taxes? 3. Why might the information contained in the disclosure note be useful to a financial analyst

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