General Motors Corporation reported the following information in its 10-K report:

Inventories at December 31 ($ millions)				Year 2	Year 1
Productive material, work in process, and supplies				$4,849	$6,267
Finished product, service parts, etc.				9,426	10,095
Total inventories at FIFO				14,275	16,362
Less LIFO allowance				(1,233)	(1,423)
Total automotive and other inventories, less allowances				$13,042	$14,939

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? $Answer million

b. At what dollar amount would inventories have been reported in Year 2 if FIFO inventory costing had been used? $Answer million

c. What cumulative effect has the use of LIFO had, as of year-end of Year 2, on GMs pretax income, compared to the pretax income that would have been reported using the FIFO costing method? Pretax income has Answerdecreasedincreased by $Answer million cumulatively since GM adopted LIFO inventory costing.

d. Assuming a 35% income tax rate, what is the cumulative effect on GMs tax liability as of year-end of Year 2? (Round answer to one decimal place.) Cumulative taxes have Answerdecreasedincreased by $Answer million by the use of LIFO costing.