The LIFO Inventory Reserve Alaska Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records: Current assets under Froj 520,000,000 Current liabilities 15.000.000 Inventory under UFO 7,000,000 Inventory under FIFO 7,700.000 Calculate the company's () LIFO inventory reserve and (b) current ratio assuming (FIFO and ) LIFO. If the company's LIFO gross profit was $10,000,000 and the change in the UFO inventory reserve was $1,400,000, calculate the company's gross profit under FIFO. Round current ratio to two decimal points LIFO . LIFO inventory reserve 3 700,000 FIFO b. Current ratio Gross profit under FIFO 900.000 K Checi