The Following Information Comes from the 2007 General Motors (GM) $\begin{array}{rr}&\underline{2007} & \underline{2006} \\\text { Total inventories }&\$ 14,939 & \$ 13,921\end{array}$

Essay

The following information comes from the 2007 General Motors (GM) Corporation annual report to shareholders:
Inventories included the following for Automotive and Other Operations ($ in millions):
Inventories are stated generally at cost, which is not in excess of market. The cost of approximately 50% of U.S. inventories is determined by the last-in, first-out (LIFO) method. The cost of all other inventories is determined primarily by the FIFO method.
Footnote 6 in GM's financial statements indicated that the LIFO allowance was $1,423 at the end of 2007 and $1,508 at the end of 2006 ($ in millions). In other words, GM's inventories would have been higher by these amounts had the company used FIFO to value all of its inventories. GM's cost of goods sold for 2007 was $166,259 million.
Required:
If GM used only FIFO for its inventories instead of its current policy, what would its cost of goods sold have been for 2007?
December 31.
$\begin{array}{rr}&\underline{2007} & \underline{2006} \\\text { Total inventories }&\$ 14,939 & \$ 13,921\end{array}$