Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. (a) What is the balance in inventories reported on GE's 2010 balance sheet? \$ (million) (b) What would GE's 2010 balance sheet have reported for inventories had the company used FIFO inventory costing? \$ 'million) (c) What cumulative effect has GE's choice of LIFO over FIFO had on its pretax income as of year end 2010? $ million) 2010 pretax income: 2010 tax expense: by $ million. by $ million. Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. (a) What is the balance in inventories reported on GE's 2010 balance sheet? \$ (million) (b) What would GE's 2010 balance sheet have reported for inventories had the company used FIFO inventory costing? \$ 'million) (c) What cumulative effect has GE's choice of LIFO over FIFO had on its pretax income as of year end 2010? $ million) 2010 pretax income: 2010 tax expense: by $ million. by $ million
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