Hello!

Can you please help with this one and show the work? I want to ensure I'm doing it correctly for the exam.

The following information was disclosed in the annual report of Home Innovations Industries : ( 6 pts ) Amounts in millions Year ? Year ! Sales $ 7.080 $5, 400 Cost of goods sold 5. TOO 5. 080 Income before taxes $50 1, 040 Inventory 1. 300 1. 160 In addition , the company's footnotes revealed : " The effect of using LIFO to value inventory , rather than FIFO , increased the cost of goods sold in Year 1 and Year 2 by $56. 4 million and $13.3. 4 million , respectively . " a ) Calculate Home Innovations Industries " cost of goods sold and income before income taxes for Year 2 . assuming the USE of FIFO rather than LIFO b) The company's LIFO reserve declined from Year 1 to Year 2 . What does this decline indicate