Note 10: Inventories

Beginning inventories used in determining 1997 and 1996 cost of goods sold were $483 million and $504 million, respectively. Inventories amounting to $430 million and $440 million were valued using the LIFO method at December 31, 1997, and 1996, respectively. The excess of current cost over the stated amount for inventories valued under the LIFO method approximated $127 million and $135 million at December 31, 1997, and 1996, respectively. Liquidation of prior years' LIFO inventory layers in 1997 and 1996 did not materially affect cost of goods sold in either year.

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