Hhh On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the followinginformation (in millions)Inventories (net)LIFO reserveNet Income2022468,6113,47613,918Assume corporate tax rate of 40%.2021437,3963,27113,622Question: What is the cumulative amount of income tax savings that Collette generated throughthe end of 2022 by using LIFO instead of FIFO?If the answer is $1 Billion please type 1000.No commas, no $ signs. No need for add the extra zeros, i.e. ,000,000. Do not spell out the"Million."Round to nearest integer.

Please find the answer below.--> LIFO and FIFO :- LIFO is an inventory valuation method where…

Answered: On December 31 (fiscal year-end)…

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