16-26. Analyzing an Inventory Footnote Disclosure Illinois Tool Works reports the following footnote in its 10-K report. The company reports its invento- ries using the LIFO inventory costing method. 2018 2017 December 31 ($ millions) Raw material. Work-in-process..... Finished goods LIFO reserve. Total inventories $ 523 161 731 (97) $1,318 $ 465 141 703 (89) $1,220 a. What is the balance in inventories reported on the 2018 balance sheet? b. What would the 2018 balance sheet have reported for inventories had the company used FIFO inven- tory costing? 16-26. Analyzing an Inventory Footnote Disclosure Illinois Tool Works reports the following footnote in its 10-K report. The company reports its invento- ries using the LIFO inventory costing method. 2018 2017 December 31 ($ millions) Raw material. Work-in-process..... Finished goods LIFO reserve. Total inventories $ 523 161 731 (97) $1,318 $ 465 141 703 (89) $1,220 a. What is the balance in inventories reported on the 2018 balance sheet? b. What would the 2018 balance sheet have reported for inventories had the company used FIFO inven- tory costing