E6-30. Calculating Inventory Ratios for LIFO versus FIFO ANALYST ADJUSTMENTS 6.1 Refer to the information for Phillips 66 in E6-29 along with the following information ($ millions). LO2, PHIL 2018 Assets 2019 Revenue 2018 Inventories 2019 Cost of Goods Sold 2019 Net Income $54,302 $102,354 $3,543 $79,409 $5,248 a. Recast inventories and cost of goods sold using FIFO for 2019. b. Compute the following ratios for 2019, under both LIFO and FIFO. Comment on whether they differ materially. i. Gross margin percentage ii. Days inventory outstanding (DIO) iii. Return on assets (ROA) E6-30. Calculating Inventory Ratios for LIFO versus FIFO ANALYST ADJUSTMENTS 6.1 Refer to the information for Phillips 66 in E6-29 along with the following information ($ millions). LO2, PHIL 2018 Assets 2019 Revenue 2018 Inventories 2019 Cost of Goods Sold 2019 Net Income $54,302 $102,354 $3,543 $79,409 $5,248 a. Recast inventories and cost of goods sold using FIFO for 2019. b. Compute the following ratios for 2019, under both LIFO and FIFO. Comment on whether they differ materially. i. Gross margin percentage ii. Days inventory outstanding (DIO) iii. Return on assets (ROA)