In its December 2017 10-K, General Electric Inc. reported the following information (5 millions). 2017 Assets $377,945 2017 inventories $21.923 2017 LIFO reserve $(516) 2016 LIFO Reserves $(383) Tax Rate 35% Required: a. If FIFO method were used, determine the necessary adjustments to the following balance sheet line items. (1) Inventories (2) Total assets (3) Tax liabilities (4) Equity b. If FIFO method were used, determine the necessary adjustments to the following income statement line items. (1) Cost of goods sold (2) Pretax income (3) Income tax expense (4) Net Income c. Compute the common-size inventories with LIFO and with FIFO. (Hint: Compute inventory as percent of total assets.) Do you think the difference is material