Conversion from LIFO to FIFO. Caterpillar Incorporated is a U.S. firm that manufactures machinery and engines for the construction, agriculture, and forestry industries. It follows U.S. GAAP and reports its results in millions of U.S. dollars ($). For the year ended December 31, 2007, it reported LIFO inventories of $7,204 million, compared to $6,351 million as of December 31, 2006. Caterpillar’s cost of goods sold for 2007 was $32,626 million. Caterpillar reports in the notes to its 2007 financial statements that inventories would have been $2,617 million higher as of December 31, 2007, had it used the FIFO cost-flow assumption, and $2,403 million higher as of December 31, 2006. Compute Caterpillar’s cost of goods sold for 2007 if the firm had used FIFO instead of LIFO.