Question 1 Partially correct Mark 1.00 out of 11.00 P Flag question Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information (5 millions) 2019 Assets 2019 Inventories 2019 LIFO Reserve 2018 LIFO Reserve Tax Rate 546,976 53,021 $3,440 $2,320 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) Inventories $ Total assets $ Deferred tax liabilities s OX OX 0 x Equity b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment (s in millions) Cost of goods sold 5 OX Pretax income OX Income tax expenses OX Net income 5 5 OX