Please answer both Required 1 and Required 2

In its annual report, ConocoPhillips reported that the company decreased its inventory levels during 2011. ConocoPhillips's 2011 financial statements contain the following note: In 2011, a liquidation of LIFO inventory values increased net income attributable to ConocoPhillips $160 million, of which $155 million was attributable to the R\&M segment. Required: 1. Why did the reduction in inventory quantity increase net income for the company? 2. If ConocoPhillips had used FIFO, would the reductions in inventory quantity during the two years have increased net income? Complete this question by entering your answers in the tabs below. Why did the reduction in inventory quantity increase net income for the company? In its annual report, ConocoPhillips reported that the company decreased its inventory levels during 2011. ConocoPhillips's 2011 financial statements contain the following note: In 2011, a liquidation of LIFO inventory values increased net income attributable to ConocoPhillips $160 million, of which \$155 million was attributable to the R\&M segment. Required: 1. Why did the reduction in inventory quantity increase net income for the company? 2. If ConocoPhillips had used FIFO, would the reductions in inventory quantity during the two years have increased net income? Complete this question by entering your answers in the tabs below. In its annual report, ConocoPhillips reported that the company decreased its inventory levels during 2011. ConocoPhillips's 2011 financial statements contain the following note: In 2011, a liquidation of LIFO inventory values increased net income attributable to ConocoPhillips $160 million, of which $155 million was attributable to the R\&M segment. Required: 1. Why did the reduction in inventory quantity increase net income for the company? 2. If ConocoPhillips had used FIFO, would the reductions in inventory quantity during the two years have increased net income? Complete this question by entering your answers in the tabs below. Why did the reduction in inventory quantity increase net income for the company? In its annual report, ConocoPhillips reported that the company decreased its inventory levels during 2011. ConocoPhillips's 2011 financial statements contain the following note: In 2011, a liquidation of LIFO inventory values increased net income attributable to ConocoPhillips $160 million, of which \$155 million was attributable to the R\&M segment. Required: 1. Why did the reduction in inventory quantity increase net income for the company? 2. If ConocoPhillips had used FIFO, would the reductions in inventory quantity during the two years have increased net income? Complete this question by entering your answers in the tabs below