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Question 8 The following is Steelcase Inc's 2010 Balance Sheet and inventories disclosure. CONSOLIDATED BALANCE SHEETS (in millions, except share data) Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net of allowances of $20.6 and $29.8 Inventories Deferred income taxes Prepaid expenses Other current assets Total current assets Property, plant and equipment, net of accumulated depreciation of $1,309.9 and $1,280.3 Company-owned life insurance Deferred income taxes Goodwill Other intangible assets, net of accumulated amortization of $56.8 and $50.2 Other assets Total assets 7. INVENTORIES ASSETS Raw materials Work in process Finished goods LIFO reserve Inventories February 26, 2010 S 111.1 S 68.2 242.5 98.4 57.7 18.0 49.7 643.8 $ February 27, 2009 415.7 209.8 136.4 183.8 25.0 63.1 $ 1,677.2 See accompanying notes to the consolidated financial statements. February 26, 2010 45.8 11.9 62.0 117.6 76.0 119.7 (21.3) 280.3 129.9 63.8 17.9 85.9 751.4 29.6 74.1 $ 1.750.0 433.3 171.6 108.9 181.1 February 27, 2009 $ 98.4 $ 61.3 15.9 79.9 157.1 (27.2) 129.9 $ The portion of inventories determined by the LIFO method aggregated $39.0 and $47.8 as of February 26, 2010 and February 27, 2009, respectively. During 2010, a reduction in inventory quantities resulted in a liquidation of applicable LIFO inventory quantities carried at lower costs in prior years. This LIFO liquidation resulted in a $4.0 decrease in the LIFO reserve, along with additional deflation impacts of $1.5 during the year. During 2009, a reduction in inventory quantities also resulted in a liquidation of applicable LIFO inventory quantities which resulted in a $4.5 decrease in the LIFO reserve, partially offset by inflation impacts of $1.9 during the year. Based on the information above, the carrying amount of the inventories using FIFO in 2010 is

Question 8 The following is Steelcase Inc's 2010 Balance Sheet and inventories disclosure. CONSOLIOATEO BALANCE SHEETS See accompanying notes to the consolidated nnancial staternvens. 7. INVENTORIES The portion of inventones determined by the LIFO method aggregated \\( \\$ 39.0 \\) and \\( \\$ 47.8 \\) as of February 26, 2010 and February 27, 2009, respectively. During 2010, a reduction in inventory quantities resulted in a liquidation of applicable LIFO inventory quantities carried at lower costs in prior years. This LIFO liquidation resulted in a \\( \\$ 4.0 \\) decrease in the LIFO reserve, along with additional deflation impacts of \\( \\$ 1.5 \\) during the year. During 2009, a reduction in inventory quantities also resulted in a liquidation of applicable LIFO inventory quantities which resulted in a \\( \\$ 4.5 \\) decrease in the LIFO reserve, partially offset by inflation impacts of \\( \\$ 1.9 \\) during the year. Based on the information above, the carrying amount of the inventories using FIFO in 2010 s

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