QUESTION 27 GM has the following information on property, plant & equipment for 2001 (in $ millions): ending gross investment-59,748; accumulated depreciation 33,404; depreciation expense-7,051. The average age of GM's fixed assets was: a. 4.7 years b. 8.5 years c. 55.9 years d. 21.1 years QUESTION 28 Given the information from Question 27, GM had an average depreciable life of: a. 4.7 years b.8.5 years c. 21.1 years d. 55.9 years QUESTION 29 GM has the following tax-related information (in $ millions): taxes payable-1,372; income tax expense-768; income before tax-1,518; net income-601. GM's effective tax rate was: a. 56.0% b. 39.6% c. 43.8% d. 50.6% QUESTION 30 ABC uses the last-in first-out inventory method during a period of rising prices. This suggests that: a. Revenues & net income would be higher than using FIFO b. Cost of goods sold would be higher & income tax lower than using FIFO c. They don't use lower-of-cost-or market d. Cost of goods sold would be lower & net income higher than using FIFO