Question 2 Tries remaining: 1. Marked out of 4.00 P Flag question Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO In its December 2016 10-K, LyondellBasell Industries reported the following information ($ millions). Cost of LIFO Increase in Total Net Goods Sold Inventories Reserve LIFO Reserve Assets Income $26,571 $4,253 $943 $870 $27,886 $4,281 Reformulate 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 35% tax rate. Account Balance a. Inventories b. Total assets C. Cost of goods sold $ d. Net income Check