29. Adjusting Balance Sheet and Income Statement for LIFO to FIFO ANALYST ADJUSTMENTS 6.1 In its December 2019 10-K. Phillips 66 reported the following information (S millions). a. Determine the necessary adjustments to the following balance sheet line items for 2019. i. Inventories ii. Total assets iii. Tax liabilities iv. Equity b. Determine the necessary adjustments to the following income statement line items for 2019 . 1. Cost of goods sold ii. Pretax income iii. Income tax expense iv. Net income Compute the common-size inventories with LIFO and with FIFO for 2019. (Hint: Compute inventoas percent of total assets.) Do we believe the difference is material? Explain