Analyzing Inventory Footnote Disclosure General Motors Corporation reported the following information in its 10-K report: Inventories at December 31 ($ millions) 2008 2007 Productive material, work in process, and supplies $5,185 $6,603 Finished product, service parts, etc. 9,762 10,431 Total inventories at FIFO 14,947 17,034 Less LIFO allowance (1,269) (1,459) Total automotive and other inventories, less allowances $13,678 $15,575 The company reports its inventory using the LIFO costing method during 2007 and 2008. a. At what dollar amount are inventories reported on its 2008 balance sheet? $ 0 million b. At what dollar amount would inventories have been reported in 2008 if FIFO inventory costing had been used? $ 0 million C. What cumulative effect has the use of LIFO had, as of year-end 2008, on GM's pretax income, compared to the pretax income that would have been reported using the FIFO costing method? Pretax income has by $ 0 million cumulatively since GM adopted LIFO inventory costing. d. Assuming a 35 % income tax rate, what is the cumulative effect on GM's tax liability as of year-end 2008 ? (Round answer to one decimal place.) Cumulative taxes have by $ 0 million by the use of LIFO costing