The LIFO Inventory Reserve Waterloo 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 FIFO) $20,000,000 Current liabilities 15,000,000 Inventory under LIFO 6, 500,000 Inventory under FIFO 7, 700,000 Calculate the company's LIFO inventory reserve and current ratio assuming FIFO and LIFO. If the company's LIFO gross profit was $10,000,000 and the change in the LIFO inventory reserve was $1, 400,000, calculate the company's gross profit under FIFO. Round current ratio to two decimal points. LIFO inventory reserve = current ratio