Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO In its December 2016 10-K, LyondellBasell Industries reported the following information ($ millions). Cost of Goods Sold Inventories LIFO Reserve Increase in LIFO Reserve Total Assets Net Income $26, 571 $4, 253 $943 $870 $27,886 $4,281 Reformulate the account balance for the following financial statement items assuming the company used FIFO instead of LIFO for its inventory costing method. The company has a 35% tax rate. Note: Round answers to the nearest whole number. Account Balance a. Inventories b. Total assets c. Cost of goods sold d. Net income

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Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO In its December 2016 10 - K,
LyondellBasell Industries reported the following information (S millions). Cost of Goods Sold Inventories
LIFO Reserve Increase in LIFO Reserve Total Assets Net Income $26, 571 $4, 253 $943 $870 $27, 886 $4,281
Reformulate the account balance for the following financial statement items assuming the company used
FIFO instead of LIFO for its inventory costing method. The company has a 35% tax rate. Note: Round
answers to the nearest whole number. Account Balance a. Inventories b. Total assets c. Cost of goods sold
d. Net income
Transcribed Image Text:Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO In its December 2016 10 - K, LyondellBasell Industries reported the following information (S millions). Cost of Goods Sold Inventories LIFO Reserve Increase in LIFO Reserve Total Assets Net Income $26, 571 $4, 253 $943 $870 $27, 886 $4,281 Reformulate the account balance for the following financial statement items assuming the company used FIFO instead of LIFO for its inventory costing method. The company has a 35% tax rate. Note: Round answers to the nearest whole number. Account Balance a. Inventories b. Total assets c. Cost of goods sold d. Net income
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