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 ($ millions) 2015 2014 2015 2014 Assets Liabilities & Shareholders' Equity Inventory $ 19,500 $ 18,600 Liabilities $75,810 $73,560 Other current assets 40,680 41,700 Capital stock 22,380 21,540 Noncurrent assets 60,900 56,700 Retained earnings 22.890 21,900 Total $ 121,080 $ 117,000 Total $ 121,080 $ 117,000 Chemical Boost, Inc. Condensed Statement of Earnings ($ millions) 2015 2014 Revenues $ 121,710 $ 125,700 Cost of goods sold 82,950 84.720 Gross proft 38,760 40,980 Other expenses 35,280 37,275 Income taxes 900 1,860 Net earnings $ 2,580 $ 1,845 The footnotes to the company's financial statements revealed that Chemical Boost, Inc. values most of its inventory using LIFO. The LIFO reserve was approximately $1,800 million and $900 million, respectively, at year-end 2015 and 2014. Assume an effecti 1. If Chemical Boost, Inc. had used FIFO instead of LIFO to value its inventory, what value would have been reported for 2015 for the following accounts? Enter answers in millions. Round to the nearest million, if needed. a. Ending inventory $ 0 million b. Cost of goods sold $ 0 million c. Net income before $ 0 million d. Retained earnings $ 0 million 2. How much additional income tax would the company have paid if it had used FIFO instead of LIFO to value its inventory? Round to the nearest millions. $ 0 million