(Answered) Question the following information is available for

Question: The following information is available for Kennametal Inc.'s inventories as of June 30, 2007:

We used the LIFO method of valuing our inventories for approximately 50% and 53% of total inventories at June 30, 2007 and 2006, respectively.

(a) What method of inventory is used for the other 50% and 47% of total inventories?

(b) Explain the meaning of each of the numbers listed in the table.

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