Hormel Foods Corporation provided the following footnote in its 2006 10-K report:Change in Accounting Principle: In the first quarter of fiscal 2006, the company changed its method of accounting for the materials portion of turkey products and substantially all inventoriable expenses, pack-ages, and supplies that had previously been accounted for utilizing the last-in first-out (LIFO) method to the first-in first-out (FIFO) method. As a result, all inventories are now stated at the lower of cost, determined on a FIFO basis, or market. The change is preferable because it provides a more meaningful presentation of the companys financial position as it values inventory in a manner that more closely approximates current cost; it provides a consistent and uniform costing method across the companys operations; FIFO inventory values better represent the underlying commercial substance of selling the oldest products first; it is the prevalent method used by other entities within the companys industry; and it enhances the comparability of the financial statements with those of our industry peers. As required by U.S. generally accepted accounting principles, the change has been reflected in the consolidated statements of financial position, consolidated statements of operations, and consolidated statements of cash flows through retrospective application of the FIFO method. Inventories as of the beginning of fiscal 2005 were increased by the LIFO reserve ($36.7 million), and shareholders investment was increased by the after-tax effect ($23.0 million). Previously reported net earnings for fiscal years 2005 and 2004 were increased by $1.1 million and $1.9 million, respectively.

Question:

Hormels 2005 10-K reports a LIFO reserve in the amount of $38.5 million. What dollar effect did this accounting method change have on total assets, retained earnings and income tax liabilities?