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Wolfgang Kitchens has always used the FFO Inventory costing method for both financial reporting and tax purposes. At the beginning of 2 0 2 4

Wolfgang Kitchens has always used the FFO Inventory costing method for both financial reporting and tax purposes. At the beginning of 2024. Wolfgang decided to change to the LIFO method. Net Income in 2024 was correctly stated as $130 million. If the company had used LIFO in 2023, its cost of goods sold would have been higher by $16 million that year. Company accountants are able to determine that the cumulative net income for all years prior to 2023 would have been lower by $43 million if LIFO had been used all along, but have Insufficlent information to determine specific effects of Using LIFO in 2022. Last year. Wolfigang reported the following net income amounts in its comparative income statements:
($in millions)
Net Income
\table[[2021,2022,2023],[$130,$132,$134
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