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Complete M6-16 M6-16. Reformulating Balance Sheet and Income Statement Items for...

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Accounting

Complete M6-16 image
M6-16. Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO In its December 2016 10-K, LyondellBasell Industries reported the following information (S millions) LO2 ADJUSTMENTS &.T LBASELIL TRIES B) Cost of Goods Sold Inventories LIFO Reserve Increase in LIFO Reserve Total Assets Net Income BC $22,127 $3,809 $499 $426 $23,442 $3.837 Reformulate the account balance for the following financial statement items assuming the company used FIFO instead of LIFO for its inventory costing method. The company has a 35% tax rate. a. Inventories b. Total assets c. Cost of goods sold dNet income

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