Mark 7.00 1000 Flag Question Analyzing an inventory Footnote Disclosure The inventory footnote from Deere Company's 2015 10 K follows ini t io Remaining inventories are generally valued at the lower of cast, on the first in first- or j basis of market Ovalue at October 31, 2015 and 2014, respectively fall inventories had been valued on a FIFO basis, estimated inventories by maior Inventories Most inventories owned by Deere & Company and its US equipment subsidiaries are valued cont on the The value of gross inventories on the UFO basis represented 66 percent and 65 percent of worldwide gross inventories classification at October 31 in milions of dollars would have been as follows: 2015 2014 Work in proces Finished ach and parts 3.234 1360 Lessamento UFO W iwemories A611 517 54210 This footnote reveals that not all of Deeres inventories are reported using the same inventory costing method companies can use different inventory costing methods for different inventory pools a. What amount does Deere report for inventories on its 2015 balance sheets? $ 3.817 milion b. What would Deere have reported as inventories on its 2015 balance sheet had the company used FIFO inventory costing for all of its inventore 5243 milion c. What cumulative effect has the use of LIFO inventory costing had as of year-end 2015, on Deere's pretax income compared with the pretax income it would have reported had it used FIFO inventory costing for all of its inventories? Deere's cumulative pretax income has decreased by $ 1.426 milion since it adpated UFO inventory costing d. Assuming a 35 income tax rate, by what cumulative dollars amount has Deere's tax expense been affected by use of LIFO inventory costing as of year-end 20157 as the use of LIFO inventory costing increased or decreased Deere's cumulative tax expense? (Round answer to one decimal place Deere's cumulative income taxes were lower by $ 398 million as compared to the taxes that would've been paid under the FIFO system e. What effect has the use of LIFO inventory costing had on Deere's pretax income and tax expense for 2015 only assume a 354 income tax rate)? (Round answers to one decimal place, if applicable) 2015 pretax income increased by $ 157 x million 2015 tax expense increased by o * million Check