Use this data to answer the question above!

PART B-Financial Statement Inferences related to Inventory Use Tootsie Roll's financial statements to answer the following questions. What inventory flow assumption did Tootsie Roll use to value most of its inventory? Why do you think they chose that assumption? Find or compute Inventory and COGS (a) in Tootsie Roll's existing financial statements and (b) if Tootsie Roll had instead used only FIFO to value its inventory. Current Financial Statements (i.e, mostly LIFO) If company had instead used only FIFO Inventory at 12/31/17 Inventory at 12/31/16 2017 COGS What were Tootsie Roll's approximate tax savings in2012 from using LIFO rather than FIFO? Assume a tax rate of 30% What were Tootsie Roll's approximate cumulative tax savings from using L FO rather than FIFO? Assume a tax rate of 30%. *Calculate Tootsie Roll's Days Inventory for 2017 and 2016 (Tootsie Roll's Inventories as of December 31, 2015 were $62.2 million). Does this ratio suggest Tootsie Roll managed its inventory better or worse in 2017 than in 2016