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Exercise 8-18 Supplemental LIFO disclosures; LIFO reserve; Steelcase [ LO8-6 ]
Steelcase Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its internal records using FIFO. The following disclosure note was included in a recent annual report:
7. Inventories($ in millions):
25-Feb-11
26-Feb-1 0
Raw materials 64 50.3