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The inventories disclosure note in the 2024 financial statements for Savers Market included the following ($ in millions): During fiscal 2024, 2023 and 2022, inventory
The inventories disclosure note in the 2024 financial statements for Savers Market included the following (\$ in millions): "During fiscal 2024, 2023 and 2022, inventory quantities in certain LIFO layers were reduced. These reductions resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of fiscal 2024,2023 and 2022 purchases. As a result, cost of goods sold decreased by $16,$8 and $11 in fiscal 2024,2023 and 2022 , respectively. All inventories are stated at the lower of cost or current market values. Cost for inventories at the majority of our operations is determined on a last-in, first-out ("LIFO") basis." Required: 0. The disclosure note indicates an inventory liquidation during 2024,2023 , and 2022 . By how much did net income in 2024 increase due to the liquidation? Assume an income tax of 40%. b. What additional income tax payments did the 2024 liquidation cost Savers Market? Note: Enter your answers in millions rounded to one decimal place (i.e., 5,500,000 should be entered as 5.5)
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