Analyzing an Inventory Footnote Disclosure Illinois Tool Works reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. December 31 (in millions) 2018 2017 Raw material $523 $465 Work-in-process 161 141 Finished goods 731 703 LIFO reserve (97) (89) Total inventories $1,318 $1,220 (a) What is the balance in inventories reported on ITW's 2018 balance sheet? $Answer 0 (million) (b) What would ITW's 2018 balance sheet have reported for inventories had the company used FIFO inventory costing? $Answer 0 (million) (c) What cumulative effect has ITW's choice of LIFO over FIFO had on its pretax income as of year end 2018