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Part III. Inventory Analysis. [ 35 points in total] The asset side of...

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Part III. Inventory Analysis. [ 35 points in total] The asset side of the 2020 balance sheet for Leggett \& Platt follows. The company reported cost of sales of $2,850.7 million in 2020 and $2,994.0 million in 2019 under LIFO. The LIFO reserve balances: \$33.8 million in 2020; \$22.6 million in 2019; and \$73.0 million in 2018. 7 d). Will the firm gross profit and tax expense increase or decrease in year 2020 and year 2019 if the firm choose to report under FIFO? Limit your answer in two sentences. [ 5 points]

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