13. The following is an excerpt from CVSs 2016 annual report: Inventories: Inventories are valued on a lower of last-in, first-out (LIFO) cost or market basis. At August 31, 2016 and 2015, inventories would have been greater by $1,897 million and $1,587 million, respectively, if they had been valued on a lower of first-in, first-out (FIFO) cost or market basis. As a result of declining inventory levels, the fiscal 2016 LIFO reserve was reduced by $268 million of LIFO liquidation. Inventory includes product costs, inbound freight, warehousing costs and vendor allowances not classified as a reduction of advertising expense. What is the cumulative amount of tax payments (to the nearest million) deferred by CVS as of August 31, 2016 due to its use of the LIFO method to account for its inventory? Assume an income tax rate of 35%. a. $109 million b. $310 million c. $664 million d. $1,897 billion e. None of the above