P7-8 Evaluating the Choice between LIFO and FIFO Based on an Inventory Note LO7-6 The following information applies to the questions displayed below An annual report for Gollaher Corporation Company included the following note: The last-in, first-out inventory method is used to value most of Gollaher Corporation U.S. inventories... If the first-in, first-out method had been used, it would have increased total inventory balances by approximately $2,1371 million and $1,814.5 million at December 31, 2011, and 2010, respectively. For the year 2011, Gollaher Corporation Company reported net income (after taxes) of S332.5 million. At December 31, 2011, the balance of Gollaher Corporation Company's retained earnings account was $15,280 million. P7-8 Evaluating the Choice between LIFO and FIFO Based on an Inventory Note LO7-6 The following information applies to the questions displayed below An annual report for Gollaher Corporation Company included the following note: The last-in, first-out inventory method is used to value most of Gollaher Corporation U.S. inventories... If the first-in, first-out method had been used, it would have increased total inventory balances by approximately $2,1371 million and $1,814.5 million at December 31, 2011, and 2010, respectively. For the year 2011, Gollaher Corporation Company reported net income (after taxes) of S332.5 million. At December 31, 2011, the balance of Gollaher Corporation Company's retained earnings account was $15,280 million