Required information P7-8 (Static) 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 International Paper Company included the following note: The last-in, first-out inventory method is used to value most of International Paper's U.S. inventories ... If the first-in, first- out method had been used, it would have increased total inventory balances by approximately $293 million and $290 million at December 31, 2017, and 2016, respectively. For the year 2017, International Paper Company reported net income (after taxes) of $2,144 million. At December 31, 2017, the balance of International Paper Company's retained earnings account was $6,180 million. P7-8 Part 1 Required: 1. Determine the amount of net income that International Paper would have reported in 2017 if it had used the FIFO method (assume a 30 percent tax rate). (Enter your answer in millions. Round your intermediate and final answer to 1 decimal place.) Net income $ 2,437.0 million