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 $9,750 $9,300 Liabilities $37,905 $36,780 Other current assets 20,340 20,850 Capital stock 11,190 10,770 Noncurrent assets 30,450 28,350 Retained earnings 11,445 10,950 Total $ 60,540 $ 58,500 Total $60,540 $58,500 Chemical Boost, Inc. Condensed Statement of Earnings ($ millions) 2015 2014 Revenues $ 60,855 $ 62,850 Cost of goods sold 41,475 42,360 Gross proft 19,380 20,490 Other expenses 17,640 18,638 Income taxes 450 930 Net earnings $ 1,290 $ 923 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 $900 million and $450 million, respectively, at year-end 2015 and 2014. Assume an effective tax rate of 26%. 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. 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 $ 10,650 million b. Cost of goods sold $ 40,725 x million c. Net income before $ 1,290 x million d. Retained earnings $ 660 x 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. $ 135 * million