Analyzing of Inventory and Footnote Disclosure Analyzing of Inventory and Footnote Disclosure

The inventory footnote from Deere & Company's $202010-$K follows $($ $ millions$).$

INVENTORIES

inventories by major classification at November $1,2020$ and November $3,2019$ in millions of dollars would have been as follows:

a$.$ At what dollar amount are Deere's inventories reported on its $2020$ balance sheet?

$ million

b$.$ At what dollar amount would inventories have been reported on Deere's $2020$ balance sheet had it used FIFO inventory costing?

$$$ million

$($Show an increase as a positive number and a decrease as a negative number.$)$

vdots

million

The inventory footnote from Deere & Company's $202010-$K follows $($ $ millions$).$

INVENTORIES

inventories by major classification at November $1,2020$ and November $3,2019$ in millions of dollars would have been as follows:

a$.$ At what dollar amount are Deere's inventories reported on its $2020$ balance sheet?

$ million

b$.$ At what dollar amount would inventories have been reported on Deere's $2020$ balance sheet had it used FIFO inventory costing?

$$$ million

$($Show an increase as a positive number and a decrease as a negative number.$)$

vdots

milliond. Assuming a $25\%$ income tax rate, by what cumulative dollar amount has Deere's tax liability been affected

by use of LIFO inventory costing as of year$-$end $2020?$

$($Show an increase as a positive number and a decrease as a negative number. Round your answer to

one decimal place.$)$

$

$x$ million

e$.$ What effect has the use of LIFO inventory costing had on Deere's pretax income and tax liability for $2020$

$($assume a $25\%$ income tax rate$)?$

$($Show an increase as a positive number and a decrease as a negative number. Round your answers to

one decimal place.$)$

Pretax income: $

$x$ million