Sletten Industries uses the last-in, first-out (LIFO) method of accounting for the inventories of its single product. For fiscal year 2017, the company reported sales revenue of $200 million and cost of goods sold of $135 million. The following table was reported in the financial statement footnotes ($ millions) January 1, 2020 December 31, 2020 Inventory value at LIFO $25 $28 LIFO Reserve 14 22 Inventory value at FIFO $39 $50 If Sletten Industries had used FIFO to account for its inventory, its 2020 gross profit would be
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