The beginning inventory and ending inventory for the year ended December 31, 2017, if Wolverine had used FIFO instead of LIFO, would have been <u>$88.6 million</u> and <u>$69.4 million</u>, respectively.
<h3>What is the difference between the FIFO and LIFO methods?</h3>
The FIFO (First-in, First-Out) Method assumes that inventories sold are the first to be bought or produced.
It is unlike LIFO (Last-in- First-Out), which assumes that inventories sold are the last bought or produced.
<h3>Data and Calculations:</h3>
LIFO Method FIFO Method
Ending inventory:
December 30, 2017 $53.2 million $69.4 million ($53.2 + $16.4)
December 30, 2016 $66.2 million $88.6 million ($66.2 + $22.4)
Thus, the beginning inventory and ending inventory for the year ended December 31, 2017, if Wolverine had used FIFO instead of LIFO, would have been <u>$88.6 million</u> and <u>$69.4 million</u>, respectively.
Learn more about the inventory methods at brainly.com/question/24938626
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