Reading and Interpreting Walgreen Co.'s Inventory Note Walgreen Co.’s 2012 Form 10-K includes the following in the note that summarizes its accounting policies:
Inventories
Inventories are valued on a loweWhr of last-in, first-out (LIFO) cost or market basis. At August 31, 2012 and 2011, inventories would have been greater by $1,897 million and $1,587 million, respectively, if they had been valued on a lower of first-in, first-out (FIFO) cost or market basis. As a result of declining inventory levels, the fiscal 2012 LIFO provision was reduced by $268 million of LIFO liquidation. Inventory includes product costs, inbound freight, warehousing costs and vendor allowances not classified as a reduction of advertising expense.
Required:
What is the amount of the LIFO reserve at the end of each of the two years? Enter your answers in millions.
2012 __________$ million
2011 __________$ million