Converting a financial statement from LIFO to FIFO

Adjustment for Inventory value in balance sheet:
Inventory (FIFO) = Inventory(LIFO) + LIFO Reserve
Total Assets (FIFO) = Total Asset (LIFO) + LIFO Reserve

Adjustment for Cost of Goods Sold in Income Statement:
Y2006 Cost of Goods Sold (FIFO) = Y2006 Cost of Goods Sold (LIFO) - (Y2006 LIFO Reserve - Y2005 LIFO Reserve)

Call this deltaReserve = (Y2006 LIFO Reserve - Y2005 LIFO Reserve)

Adjustment to Net Income:
Net Income (FIFO) = Net Income (LIFO) + deltaReserve * (1 - tax rate)

Estimated Cumulative tax savings under LIFO vs FIFO:
Cumulative Gross Profit Saved
= Cumulative Gross Profit (FIFO) - Cumulative Gross Profit (LIFO)
= LIFO Reserve

Cumulative tax saved under LIFO = LIFO Reserve * tax rate (assuming constant tax rate in previous years)

Adjustment to Tax Deferred Liability:
Increased in (Debt) tax deferred liability (FIFO) = LIFO Reserve * tax rate

Adjustment to retained earnings:
Increase in retained earnings (FIFO) = LIFO Reserve * ( 1 - tax rate)

LIFO and FIFO ratios:
Inventory turnover ratio (FIFO) = Cost of Goods Sold (FIFO) / Inventory (FIFO)

Number of days of inventory (FIFO) = 365 / Inventory turnover ratio (LIFO)

Gross Profit Margin (FIFO) = Gross Profit / Revenue = (Revenue - Gost of Goods Sold (FIFO) ) / Revenue

Current Ratio (FIFO) = Current Assets / Current Liability = Total Assets (FIFO) / (Total Liability (LIFO) + Increased in (Debt) tax deferred liability (FIFO))

Return On Assets (FIFO) = Net Income / Total Asset = Net Income (FIFO)/Total Assets (FIFO)

Debt To Equity (FIFO)
= Total Liability / Shareholders' Equity
= (Total Liability (LIFO) + Increased in (Debt) tax deferred liability (FIFO)) / (Equity (LIFO) + Increase in retained earnings (FIFO))