! Required information P7-8 (Algo) Evaluating the Choice between LIFO and FIFO Based on an Inventory Note LO7-6 [The following information applies to the questions displayed below.] An annual report for National Paper Company included the following note: The last-in, first-out inventory method is used to value most of National Paper's U.S. inventories . . . If the first-in, first-out method had been used, it would have increased total inventory balances by approximately $343.0 million and $230.0 million at December 31, 2017, and 2016, respectively. For the year 2017, National Paper Company reported net income (after taxes) of $2,344.0 million. At December 31, 2017, the balance of National Paper Company's retained earnings account was $6,780 million. P7-8 Part 1 Required: 1. Determine the amount of net income that National Paper would have reported in 2017 if it had used the FIFO method (assume a 35 percent tax rate). (Enter your answer in millions. Round your intermediate and final answer to 1 decimal place.) Net income million