LIFO Reserve: Restating Financial Statements. The following information is taken from the annual report of the Walgreens Boots Alliance, Inc.: (in millions) 2015 2014 Cost of goods sold $ 76,520 $ 54,823 Net income before tax 5,311 3,557 Ending inventory 8,678 6,076 Inventory reserve 2,500 2,300 Walgreens uses LIFO to value its inventory. Restate the company's financial results for 2015 assuming the use of the FIFO method. Assume an effective tax rate of 30%. Enter answers in millions. 2015 Cost of goods sold 76,320 Net income before tax $ Ending inventory $ 0 0 Save Answers