reformulating balance sheet and income statement items for lifo to fifo in its december 2016 10-k, lyondellbasell industries reported the following information ($ millions). cost of goods sold inventories lifo reserve increase in lifo reserve total assets net income $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. account balance a. inventories answer b. total assets answer c. cost of goods sold answer d. net income answer