Remaining Time: 51 minutes, 25 seconds. Question Completion Status: Moving to another question will save this response. Question 26 of 40 >>> Question 26 1 points Saved GG Inc. uses LIFO. GG disclosed that if FIFO had been used, inventory at the end of 2021 would have been $16 million higher than the difference between LIFO and FIFO at the end of 2020. Assuming GG has a 25% income tax rate: Its reported cost of goods sold for 2021 would have been $16 million higher if it had used FIFO rather than LIFO for its financial statements. Its reported net income for 2021 would have been $12 million higher if it had used FIFO rather than LIFO for its financial statements. Its reported cost of goods sold for 2021 would have been $12 million higher if it had used FIFO rather than LIFO for its financial statements. its reported net income for 2021 would have been $16 million higher if it had used FIFO rather than LIFO for its financial statements -> Moving to another question will save this response. >> o pie a 9 Take Test: Final Ex... W Word D E ENG 12/1 SUS