Required a. What inventory costing method does Dow Chemical use? LIFO As of Q1 of 2019, what is the effect on cumulative pretax income and cash flow of using this inventory costing method, assuming a 30% average cumulative tax rate. Note: Do not use any negative signs with your answers. Effect on pretax income (in millions): $ 0 Reduction Effect on cash flows (in millions): $ 0 Increase What is the effect on Q1 of 2019 pretax income and cash flow of using this inventory costing method, assuming a 21% tax rate? Note: Do not use any negative signs with your answers. Effect on pretax income (in millions): $ 0 Increase Effect on cash flows (in millions): $ 0 Reduction - b. Compute inventory turnover and average inventory days outstanding for Q1 of 2019. (Hint: How do we adjust the ratio for the number of days in a quarter instead of a year?) Note: Do not round until your final answer; round your final answer to one decimal place (for example, enter 6.8 for 6.77555). Inventory turnover 0 times Average inventory days 0 days C. Determine the FIFO values for inventories and cost of goods sold for Q1 of 2019. Recompute inventory turnover and DIO. FIFO inventories $ 0 FIFO CGS $ 0 Note: Do not round until your final answer; round your final answer to one decimal place (for example, enter 6.8 for 6.77555). Inventory turnover 0 times Average inventory days 0 days d. Which set of ratios would provide more useful analysis? FIFO - Required a. What inventory costing method does Dow Chemical use? LIFO As of Q1 of 2019, what is the effect on cumulative pretax income and cash flow of using this inventory costing method, assuming a 30% average cumulative tax rate. Note: Do not use any negative signs with your answers. Effect on pretax income (in millions): $ 0 Reduction Effect on cash flows (in millions): $ 0 Increase What is the effect on Q1 of 2019 pretax income and cash flow of using this inventory costing method, assuming a 21% tax rate? Note: Do not use any negative signs with your answers. Effect on pretax income (in millions): $ 0 Increase Effect on cash flows (in millions): $ 0 Reduction - b. Compute inventory turnover and average inventory days outstanding for Q1 of 2019. (Hint: How do we adjust the ratio for the number of days in a quarter instead of a year?) Note: Do not round until your final answer; round your final answer to one decimal place (for example, enter 6.8 for 6.77555). Inventory turnover 0 times Average inventory days 0 days C. Determine the FIFO values for inventories and cost of goods sold for Q1 of 2019. Recompute inventory turnover and DIO. FIFO inventories $ 0 FIFO CGS $ 0 Note: Do not round until your final answer; round your final answer to one decimal place (for example, enter 6.8 for 6.77555). Inventory turnover 0 times Average inventory days 0 days d. Which set of ratios would provide more useful analysis? FIFO