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Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 201910-K,...

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Accounting

Adjusting Balance Sheet and Income Statement for LIFO to FIFO
In its December 201910-K, Phillips 66 reported the following information ($ millions).
a. Determine the necessary adjustments to the following balance sheet line items for 2019.
Note: Round your answers to the nearest whole dollar.
b. Determine the necessary adjustments to the following income statement line items for 2019.
Note: Round your answers to the nearest whole dollar.
c. Compute the common-size inventories percentage with LIFO and with FIFO for 2019.
Hint. Compute inventory as percent of total assets.
Note: Round the percentage to one decimal place (for example, enter 14.6% for 14.55555%).
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