Analyzing Inventory Footnote Disclosure General Motors Corporation reported the following information in its 10-K report: Inventories at December 31 (S millions) Productive material, work in process, and supplies Finished product service parts, etc. Total inventories at FIFO Less LIFO allowance Total automotive and other inventories, less allowances 2008 2007 $5,407 $6.825 9984 10.653 5.391 17,478 1.291) (1,481) 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? s0 million b. At what dollar amount would inventories have been reported in 2008 if FIFO inventory costing had been used? smillion .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. Please answer all parts of the