Using the following information: f. It has been said that LIFO inventory is relatively useless, uninformative and removed from reality. - Do you agree with that statement? Please explain your position. g. Calculate the proportion of the replacement cost (LIFO method) to the carrying value (method other than LIFO) for each year for your company. h. Legislators have proposed eliminating LIFO accounting. Understandably, this has been met with much opposition from business interests. Calculate the tax cost your company would incur if LIFO accounting was eliminated and inventory balances would have to be adjusted to their carrying value under a method other than LIFO. Assume a 25% tax rate. Relative to your company's current Net Income, how large a cost would this new tax cost represent (calculate the proportion)? i. What conclusions can you draw from your calculations in parts g and h? Do they support those who say that LIFO is relatively useless and removed from reality? Are your calculations consistent with your expectations outlined in part f?

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