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Please assist with the following: Analyzing Inventory Footnote Disclosure General Motors Corporation reported...

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Accounting

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Analyzing Inventory Footnote Disclosure General Motors Corporation reported the following information in its 10-K report: Inventories at December 31 ($ millions) Productive material, work in process, and supplies Finished product, service parts, etc. Total inventories at FIFO Less LIFO allowance 2008 2007 $4,849 $6,267 9,42610,095 14,275 16,362 (1,233) 1,423) 13,042 $14,939 Total automotive and other inventories, less allowances The company reports its inventory using the LIFO costing method during 2007 and 2008. a. At what dollar amount are inventories reported on its 2008 balance sheet? million b. At what dollar amount would inventories have been reported in 2008 if FIFO inventory costing had been used? million

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