1.
Steelcase adjusts the LIFO reserve at the end of its fiscal year. Prepare the February 25, 2011, adjusting entry to make the cost of goods sold adjustment.( Enter your answers in millions,( i. e., 5,500,000 should be entered as 5.5). Round your answers to 1 decimal place. If no entry is required for a transaction, select " No journal entry required " in the first account field.)
2.
If Steelcase had used FIFO to value its inventories, what would cost of goods sold have been for the 2011 fiscal year?( Enter your answer in millions rounded to 1 decimal place.)
3.
Since its inception, what is the amount of income tax the company has saved by using LIFO instead of FIFO for tax purposes? Assume an effective income tax rate of 40 %.( Enter your answer in millions rounded to 3 decimal places.)