CT6-4 INTERPRETING FINANCIAL STATEMENTS AN Suppose the following information is from the 2017 annual report of American Greetings Corporation (all dollars in thousands). Feb. 28, 2017 Feb. 28, 2016 Inventories Finished goods $232.893 $244.379 Work in process 7.068 10.516 Raw materials and supplies 49.937 43.861 289.898 298,756 Less: LIFO reserve 86.025 82.085 Total (as reported) $203.873 $216.671 Cost of goods sold $809.956 $780.771 Current assets (as reported) $561.395 $669.340 Current liabilities $343.405 $432.321 The notes to the company's financial statements also include the following information. Finished products, work in process, and raw material inventories are carried at the lower-of- cost-or-market. The last-in, first-out (LIFO) cost method is used for approximately 75% of the domestic inventories in 2017 and approximately 70% in 2016. The foreign subsidiaries