On December 31 (fiscal year-end) financial statements of Collette, Inc. reported the following information (in millions) Inventories (net) LIFO reserve Net Income 2022 468,611 3,476 13,918 Assume corporate tax rate of 40%. 2021 If the answer is $1 Billion please type 1000 437,396 3,271 13,622 Question: If Collette had used FIFO method instead of LIFO method, what inventory (in millions) would Collette report for 2022?

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.