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Buy here : http :// homework . plus / exercise-8-18-supplemental-lifo-dis closures-lifo-reserve-steelcase-lo8-6 /
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