How do you interpret the sentence in Note 5 - Inventory that reads, "In 2014, inventories valued at LIFO incurred a decrement that resulted in a benefit of $19.5 million on income from continuing operations before income tax"? (4 points) Group of answer choices The use of LIFO reduced 2014 income taxes by $19.5 million. The company switched $19.5 million of inventory that had been valued using LIFO to a non-LIFO valuation. Fiscal 2014 cost of goods sold was $19.5 million less than it would have been if there was not a LIFO liquidation. The use of LIFO increased 2014 income taxes by $19.5 million. The "LIFO reserve" increased by $19.5 million during fiscal 2014

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The correct interpretation of the sentence in Note 5 Inventory is Fiscal 2014 co... View the full answer