M6-16. Adjusting Balance Sheet and Income Statement for LIFO to FIFO ANALYST ADJUSTMENTS 6.1 In its December 2019 10-K, LyondellBasell Industries reported the following information ($ millions).

Cost of Goods Sold

$29,301 Inventories

$4,588 LIFO Reserve

$670 Decrease In LIFO Reserve

$128 Total Assets

$30,435 Net Income

$3,397 Adjust 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 22% tax rate.

a. Inventories

b. Total assets

c. Cost of goods sold

d. Net income L01 ••

L01 •

L03 PRICESMART

(PSMT)

JW NORDSTROM

(JWN) •

L02 LYONDELLBASELL INDUSTRIES

(LYB) •