You wish to compare Jimmy Corp., a LIFO firm, toa competitor that uses the FIFO method to value inventory. The following is taken from Jimmy's Inventory footnote:

Merchandise inventories: Inventories are valued primarily at the lower of cost using the LIFO method or market, determined by retail method for department stores and store distribution centers, and standard cost, representing average vendor cost, for Direct and regional warehouses. If the FIFO method of inventory valuation had been used instead of the LIFO method, inventories would have been $134 million and $105 million higher at December 31, 2011 and December 31, 2010, respectively.

(1) assuming that Jimmy Corp recorded merchandise inventory of $810 million on its balance sheet for fiscal year 2011, convert Jimmy's fiscal year 2011 merchandise inventory from a LIFO to a FIFO basis.

(2) assuming that Jimmy recorded Cost of Goods Sold of $2,051 million on its income statement for fiscal year 2011, convert Jimmy's Cost of Goods Sold from a LIFO to a FIFO basis.