The LIFO Inventory Reserve Midwestern Steel Company uses the LIFO inventory costing method to value its ending inventory. The following data wer company's accounting records Current assets (under FIFO) $11,000,000 Current liabilities Inventory under LIFO Inventory under FIFO 8,500,000 3,000,000 3,300,000 Calculate the company's (a) LIFO inventory reserve and (b) current ratio assuming () FIFO and (ii) LIFO Round your answer to two decimal points. a. LIFO inventory reserve 300,000 FIFO LIFO b. Current ratio 1.33 X 1.29