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Question #3 (20 marks) Daniel Company uses LIFO inventory costing method. The footnotes to the 2018 financial statements contain the following data as of December 31: 2017 2018 Raw materials $392,675 $369,725 Finished goods 401,325 377,075 Inventory on FIFO basis $794,000 $746,800 LIFO Reserve (46,000) (60,000) Inventory on LIFO basis $748,000 $686,800 You are also provided with additional information: Daniel Company has a marginal tax rate of 25% CGS for 2018 is $3,800,000 NI for 2018 is $340,000 Return on equity, ROE, is 5% Required: a. Calculate 2018 NI for Daniel under FIFO (6 marks) b. Calculate the inventory ratios under FIFO (4 marks) and LIFO (4 marks) c. Calculate Daniel's return on equity (ROE=NI/TE) under FIFO. (Remember to adjust both the numerator and denominator) (6 marks)