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Question 2 Partially correct Mark 5.00 out of 11.00 \\ Flag question Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions). 2019 Assets 2019 Inventories 2019 LIFO Reseve 2018 LIFO Reseve Tax Rate $58,720 $3,776 $4,300 $2,900 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Adjustment ($ in millions) Inventories $ 3,776 x Total assets 58,720 x Deferred tax liabilities $ 308 x Equity $ 1,092 x b. Determine the necessary adjustments to the following income statement line items for 2019. Adjustment ($ in millions) Cost of goods sold $ 1,400 x Pretax income 1,400 Income tax expense 308 Net income $ 1,092 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%). Common size inventories percentage with LIFO for 2019 6.4% v Common size inventories percentage with FIFO for 2019 9% X Do we believe the difference is material? Yes +