Analyzing Inventory Footnote Disclosure General Motors Corporation reported the following information in its 10 -K report:

a. At what dollar amount are inventories reported on its 2008 balance sheet?

B) At what dollar amount would inventories have been reported in 2008 if FIFO inventory costing had been used?

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 Increased or Decreased? by $_____ 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 increased or Decreased? by _____ million by the use of LIFO costing

\begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ Inventories at December 31 (S millions) } & 2008 & 2007 \\ \hline Productive material, work in process, and supplies & $5,296 & $6,714 \\ \hline Finished product, service parts, etc. & 9,873 & 10,542 \\ \hline Total inventories at FIFO & 15,169 & 17,256 \\ \hline Less LIFO allowance & (1,280) & (1,470) \\ \hline Total automotive and other inventories, less allowances & $13,889 & $15,786 \\ \hline \hline \end{tabular}