Selected information from Soup Corporations consolidated financial statements includes:

$ millions		Year 11		Year 10		Year 9
Net Sales		$ 6,204.1		$ 6,205.8		$ 5,672.1
Cost of products sold		4,095.5		4,258.2		4,001.6
$ millions		July 28, Year 11		July 29, Year 10		July 30, Year 9
Inventories		$ 706.7		$ 819.8		$ 816.0
Excerpts from Inventories Footnotes:
$ millions		Year 11		Year 10		Year 9
Raw materials, containers, and supplies		$ 342.3		$ 384.4		$ 324.0
Finished products		454.0		520.0		580.0
		$ 796.3		$ 904.4		$ 904.0
Adjustments of inventories to LIFO basis		89.6		84.6		88.0
		$ 706.7		$ 819.8		$ 816.0

1. Compute Year 10 cost of goods sold and gross profit under the FIFO method. (6 points)

2. Explain the potential usefulness of the LIFO to FIFO restatement in A. (2 points)

3. Using the information provided in Soup Corporations Inventory Footnotes, demonstrate how to compute ending inventory under the FIFO method for each of the three years. (3 points)

4. Explain why the FIFO inventory computation in C might be useful for analysis. (2 points)