Check 1 2 points Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year...

Check 1 2 points Mannisto Inc. uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $242,998 and average assets of $1.415.880. If Mannisto had used the LIFO cost flow assumption in the same year, its cost of goods sold would have been $32,720 more than under FIFO, and its average assets would have been $49,080 less than under FIFO. Required: a. Calculate the firm's ROI under each cost flow assumption (FIFO and LIFO). (Enter your answers as percentages rounded to 1 decimal place (.e., 12.29.) eBook FIFO LIFO ROL b. Suppose that two years later costs and prices were faling. Under FIFO, net income and average assets were $295,608 and $1735430, respectively. IF LIFO had been used through the years, inventory values would have been $44.780 less than under FIFO, and current year cost of goods sold would have been $24,669 less than under FIFO. Calculate the firm's ROI under each cost flow assumption (FIFO and LIFO (Enter your answers as percentages rounded to 1 decimal place (e, 12.2.1) FO LIFO ROL 1 of 5 Next >