Question 4 Incomplete answer Marked out of 6.00 Flag question its 10-K report: Analyzing Inventory Footnote Disclosure General Motors Corporation reported the following information Inventories at December 31 ($ millions) 2008 2007 Productive material, work in process, and supplies $5,296 $6,714 Finished product, service parts, etc. 9,873 10.542 Total inventories at FIFO 15,169 17,256 Less LIFO allowance (1,280) (1,470) Total automotive and other inventories, less allowances $13,889 $15,786 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? $ 0 million b. At what dollar amount would inventories have been reported in 2008 if FIFO inventory costing had been used? $ 0 million c. 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 decreased increased