Chemical Boost, Inc.
Condensed Balance Sheet
($ millions)	2015	2014		2015	2014
Assets			Liabilities & Shareholders' Equity
Inventory	$16,250	$15,500	Liabilities	$63,175	$61,300
Other current assets	33,900	34,750	Capital stock	18,650	17,950
Noncurrent assets	50,750	47,250	Retained earnings	19,075	18,250
Total	$ 100,900	$ 97,500	Total	$ 100,900	$ 97,500

Chemical Boost, Inc.
Condensed Statement of Earnings
($ millions)	2015	2014
Revenues	$ 101,425	$ 104,750
Cost of goods sold	69,125	70,600
Gross proft	32,300	34,150
Other expenses	29,400	31,063
Income taxes	750	1,550
Net earnings	$ 2,150	$ 1,538

The footnotes to the companys financial statements revealed that Chemical Boost, Inc. values most of its inventory using LIFO. The LIFO reserve was approximately $1,500 million and $750 million, respectively, at year-end 2015 and 2014. Assume an effective tax rate of 26%.

1. If Chemical Boost, Inc. had used FIFO instead of LIFO 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 inventory $Answer million

b. Cost of goods sold $Answer million

c. Net income before $Answer million

d. Retained earnings $Answer million 2. How much additional income tax would the company have paid if it had used FIFO instead of LIFO to value its inventory?

Round to the nearest millions. $Answer million