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

$????????,1????7 $3,809 $????99 $????????6 $????3,???????????? $3,837 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.

a???? Inventories b???? Total assets c???? Cost of goods sold d???? Net income