Question
An annual report for General Motors Corporation included the following note: Inventories are stated generally at cost, which is not in excess of market. The
An annual report for General Motors Corporation included the following note: |
Inventories are stated generally at cost, which is not in excess of market. The cost of substantially all domestic inventories was determined by the last-in, first-out (LIFO) method. If the first-in, first-out (FIFO) method of inventory valuation had been used by the corporation for U.S. inventories, it is estimated that they would be $2,217.1 million higher at the end of this year, compared with $1,844.5 million higher at the end of last year. |
For the year, GM reported net income (after taxes) of $328.5 million. At year-end, the balance of the GM retained earnings account was $15,430 million.
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