LIFO Layer Liquidations and Net Income. The following information is taken from the annual report of The Claremont Corporation: (in millions) Year 2 Year 1 Net income before tax $368 $24   The company uses the LIFO method to value its inventory. In addition, the footnotes to the company's annual report revealed that, during Year 2 and Year 1, inventory usage resulted in liquidations of LIFO inventory quantities, and the effect of these liquidations was to reduce the cost of goods sold by $28 million and $6 million in Year 2 and Year 1, respectively. Calculate the company's net income before tax assuming that the LIFO inventory liquidations had not occurred.   Year 2 Year 1 Restated net income Answer Answer

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