Restating Inventory Values Using the LIFO Inventory Reserve. Chemical Ronst, Inc. is a manufacturer of chemical and cerivative products, Presented below is selected information from Chemical Boost's rerent annual report, Chemical Boost, Inc. Condensed Balance Sheet ($ millions 2015 2014 2015 2014 Assets Liabilities & Shareholders' Equity Inventary $9,750 39,800 Liabilities $37,905 $3,7AD Che current assets 201,241 26,850 Capital stock 11,190 10,771) 30,450 26,350 Related earnings 11,445 10,950 Total $ 64,540 $58,500 Total $60.540 $54,500 41 1L] Chemical Boost, Inc. Condensed Statement of Eamings 15 millions) 2015 2014 Revenues $ 50,855 S 62,850 Cast af got od 41,475 42.260 Gross proft 19 380 20,490 Other expenses 17,640 18,638 Income Les 450 930 Net eamings $ 1290 S922 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 5900 million and S450 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. a. Ending inventory $ million b. Cost of goods sold $ million c. Net income before $ million d. Retained earnings 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. million