The 2013 financial statements of Wax Co. reported the following information (in millions) using FIFO method: Wax Co 2013 2012 Cost of sales exist51, 098 exist51, 291 Inventories, net 6, 852 7, 036 LIFO reserve 2, 100 1, 897 Net Income 12, 500 Tax Rate 40% Convert the above FIFO method to LIFO method and calculate the cost of goods sold and Net Income for 2013 under LIFO