Suppose that the firm used the LIFO inventory method to

Suppose that the firm used the LIFO inventory method to obtain the inventory assessments. Let the LIFO reserves be $189, $158, $129, $293, $255, $103 (in millions) for the years from 2011 to 2016 respectively. What will be the cost of goods sold for the years from 2012 to 2016 if the firm applied the FIFO method instead? What is the impact of these changes on the firm’s net income? What happen to the ROA and ROE after these changes? Is there any LIFO liquidation here? What are their impacts on these ratios if there is any?

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