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 .)