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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
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 Goods Sold | Inventories | LIFO Reserve | Increase in LIFO Reserve | Total Assets | Net Income |
---|---|---|---|---|---|
$24,349 | $4,031 | $721 | $648 | $25,664 | $4,059 |
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.
Note: Round answers to the nearest whole number.
Account | Balance |
---|---|
a. Inventories | Answer
|
b. Total assets | Answer
|
c. Cost of goods sold | Answer
|
d. Net income | Answer
|
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