Analyzing Inventory Footnote Disclosure General Motors Corporation reported the following information in its 10K report: The company reports its inventory using the LIFO costing method during Year 1 and Year 2. a. At what dollar amount are inventories reported on its Year 2 balance sheet? million b. At what dollar amount would inventories have been reported in Year 2 if FIFO inventory costing had been used? \$ million Pretax income has 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 of Year 2? (Round answer to one decimal place.) Cumulative taxes have by $ million by the use of LIFO costing