Do not use chatgpt. Analyzing Inventory Footnote DisclosureGeneral Motors Corporation reported the following information in its 10-K report:Inventories at December 31 ($ millions)Productive material, work in process, and suppliesFinished product, service parts, etc.Total inventories at FIFOLess LIFO allowance2008$5,1852007$6,6039,762 10,43114,947 17,034(1,269)(1,459)Total automotive and other inventories, less allowances $13,678 |$15,575 |The company reports its inventory using the LIFO costing method during 2007 and 2008.a. At what dollar amount are inventories reported on its 2008 balance sheet?$ 0millionb. At what dollar amount would inventories have been reported in 2008 if FIFO inventory costing had been used?$ 0millionc. 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 hasmillion cumulatively since GM adopted LIFO inventory costing.by $ 0d. 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 haveby $0million by the use of LIFO costing.

To remember: There are four methods used to value the inventory of a company (i.e., Specific…

Answered: Analyzing Inventory Footnote Disclosure…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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280 View Policies Current Attempt in Progress Carla Vista Company took a physical inventory on December 31 and determined that goods costing $236,000 were on hand. Not included in the physical count were $29,500 of goods purchased from Pelzer Corporation, FOB, shipping point, and $25,960 of goods sold to Alvarez Company for $35,400, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Carla Vista report as its December 31 inventory? Ending inventory Save for Later LA eTextbook and Media A $ 2 MAR 1 Attempts: 0 of 3 used Submit Answer
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