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 reserve 2018 lifo reserve tax rate $46,976 $3,021 $3,440 $2,320 22% a. determine the necessary adjustments to the following balance sheet line items for 2019. note: round your answers to the nearest whole dollar. adjustment ($ in millions) inventories answer total assets answer deferred tax liabilities answer equity answer b. determine the necessary adjustments to the following income statement line items for 2019. note: round your answers to the nearest whole dollar. adjustment ($ in millions) cost of goods sold answer pretax income answer income tax expense answer net income answer 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 answer common size inventories percentage with fifo for 2019 answer do we believe the difference is material? answer