December 31, 2021 December 31, 2020 Inventory (in $ Millions) 14,038 11,402 Net Income (in $ Millions) 6,489 2,998 Inve

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December 31, 2021
December 31, 2020
Inventory (in $ Millions)
14,038
11,402
Net Income(in $ Millions)
6,489
2,998
Inventories are principally determined using the last-in,first-out (LIFO) method. The value of inventories on the LIFObasis.
If the FIFO (first-in, first-out) method had been in use,inventories would have been $3,258 million and $2,921 millionhigher than reported at December 31, 2021 and 2020,respectively.
Assume corporate tax rate of 21%.
If CAT had used FIFO method instead of LIFOmethod: