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What would the amount reported for inventory have been

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Question: Caterpillar is a manufacturer of construction equipment. The company reported LIFO reserves of $3,321 million in 2022 and $2,599 million in 2021. The company reported inventory levels of $16,270,000 ,000 at the end of 2022 and $14,038,000 ,000 at the end of 2021. The company reported Pretax Income of $10,943 ,000,000 in 2022.

a. What would the amount reported for inventory have been at the end of 2022 if the company had used FIFO?

b. What would the pretax income have been in 2022 if the company had used FIFO?

Reference no: EM133553840

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