Business Course 2 Natytanowe Return to course wordt 500 Question 2015 Restating Inventory Values Using the LIFO Inventory Reserve. Chemical Boost, Inc is a manufacturer of chemical and derivative products. Presented below is selected information from Chemical Boost's recent annual report, Chemical Boost, Inc Condensed Balance Sheet (5 millions) 2015 2014 2014 Assets Labs Shareholders mory 31.5 S1600 575110573560 Other current 41.700 Capital stock 22.100 21.540 Nonntave BO 56700 Het caming 22.90 21.900 To 3121000 5117.000 TO 51210805117.000 Chemical Boost, Inc Condensed Statement of Earnings millions 2015 2014 Revenues $120,0/5125.700 Cost of pood 52.950 84.720 Groupon 370 400 other benes 20 3727 come 900 1160 Net 52.580 11.15 C The footnotes to the company's financial statements revealed that Chemical Boost, Inc values most of its inventory using UFO. The LIFO reserve was approximately $1,800 million and 5900 milion respectively at year-end 2015 and 2014. Assume an effective tax rate of 26% es 1. If Chemical Boost Inc had used to instead of UFO to value its inventory, what value would have been reported for 2015 for the following accounts Enter answers in millions. Round to the nearest million, if needed a. Ending innentory ok TU million b. Cost of goods sold million c. Net income before million d. Retained earnings million 2. How much additional income tax would the company have paid it had used AFO instead of LIFO to value is inventory? Round to the nearest millions million $ Previous Save Answers Finish attempt