QUESTION 8 Incorrect0.00 points out of 5.00Flag question Restating Inventory Values Using the LIFO Inventory Reserve Chemical Boost, Inc. is a manufacturer of chemical and derivative products. Presented below is selected information from Chemical Boost's recent annual report. Chemical Boost, Inc. Condensed Balance Sheet 2014 $ millions) 2015 2015 2014 Liabilities &Shareholders' Equity Assets Inventory Other current assets 27,120 27,800 Noncurrent assets 40,600 37,800 $13,000 $12,400 $50,540 $49,040 14,920 14,360 Retained earnings 5,260 14,600 80,720 $78,000 Liabilities Capital stock Total 80,720 $78,000 Total Chemical Boost, Inc. Condensed Statement of Earnings $ millions) 2015 2014 Revenues $81,140 $83,800 Cost of goods sold 55,300 56,480 25,840 27,320 23,520 24,850 600 1,240 1,720 $1,230 Gross proft Other expenses Income taxes Net earnings The fontnntes to the comnany's financial statements revealed that Chemical Roost Inc values most of its