Analysis of LIFO and FIFO disclosures. Ford Motor Company, a U.S. automotive manufacturer, reports that it uses the LIFO cost-flow assumption for inventory. For the year ended December 31, 2007, Ford's cost of goods sold was $142,587 million. It reported the following information in the notes to its 2007 financial statements:

(a) What was the carrying value of Ford's inventory as of December 31, 2007, and as of December 31, 2006?
(b) What would Ford's cost of goods sold for 2007 have been had the firm usedFIFO?

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December 31, 2007 $11,221 (1,100) December 31, 2006 Total Inventories under FIFO.. Less: LIFO Adjustment.. Total Inventories under LIFO. $11,032 (1,015) $10,121 $10,017