Inverness Steel Corporation is a producer of flat-rolled carbon, stainless and electrical steels,…

Inverness Steel Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products. The company s income statement for the 2018 fiscal year reported the following information ($ in millions): Sales …………………………………………………. $6,255 Cost of goods sold ………………………………….. 5,190 The company s balance sheets for 2018 and 2017 included the following information ($ in millions): ____________________________________ 2018 _____________2017 Current assets: Accounts receivable, net ………………… $703 ……………… $583 Inventories ………………………………. 880 ……………… 808 The statement of cash flows reported bad debt expense for 2018 of $8 million. The summary of significant accounting policies included the following notes ($ in millions): Accounts Receivable (in part) The allowance for uncollectible accounts was $10 and $7 at December 31, 2018 and 2017, respectively. All sales are on credit. Inventories Inventories are valued at the lower of cost or market. The cost of the majority of inventories is measured using the last in, first out (LIFO) method. Other inventories are measured principally at average cost and consist mostly of foreign inventories and certain raw materials. If the entire inventory had been valued on an average cost basis, inventory would have been higher by $480 and $350 at the end of 2018 and 2017, resp

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