Question: Clay and Glaze, Inc., uses LIFO. Clay and Glaze disclosed that if FIFO had been used, inventory at the end of 2023 would have been $15 million higher than the difference between LIFO and FIFO at the end of 2022. Assuming Clay and Glaze has a 40% income tax rate, its reported Question options: A) net income for 2023 would have been $15 million higher if it had used FIFO rather than LIFO for its financial statements.