Question 11 1 / 1 point GG Inc. uses LIFO. GG disclosed that if FIFO had been used, inventory at the end of 2018 would have been $15 million higher than the difference between LIFO and FIFO at the end of 2017. Assuming GG has a 40% income tax rate: Its reported cost of goods sold for 2018 would have been $9 million higher if it had used FIFO rather than LIFO for its financial statements. Its reported cost of goods sold for 2018 would have been $15 million higher if it had used FIFO rather than LIFO for its financial statements. Its reported net income for 2018 would have been $9 million higher if it had used FIFO rather than LIFO for its financial statements. Its reported net income for 2018 would have been $15 million higher if it had used FIFO rather than LIFO for its financial statements
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