M6-16. Adjusting Balance Sheet and Income Statement for LIFO to FIFO ANALYST ADJUSTMENTS 6.1 In its December 2019 10-K, Lyondell Baselt Industries reported the following information (5 millions) Cost of Goods LIFO Decrease in LIFO Total Sold Inventorien Reserve Reserve Assets Not Income $29,301 $4,588 $870 $128 $30.435 $3,397 LO2 LYONOELL DABELL INDUSTRIES (MBC Adjust the account balance for the following financial statement items assuming the company used FIFO instead of LIFO for its inventory costing method. The company has a 22% tax rate. a. Inventories b. Total assets c. Cost of goods sold d. Net income 104