December 31 (in millions) Raw materials and work in process Finished goods Unbilled shipments Less revaluation to LIFO 2009 2008 $7,581 $8,710 4,105 5,032 759 561 12,445 14,303 (529) (706) $11,916 $13,597 The company reports its inventories using the LIFO inventory costing method. (a) What is the balance in inventories reported on GE's 2009 balance sheet? $0 (million) (b) What would GE's 2009 balance sheet have reported for inventories had the company used FIFO inventory costing? 50 (million)
December 31 (in millions) Raw materials and work in process Finished goods Unbilled shipments Less revaluation to LIFO 2009 2008 $7,581 $8,710 4,105 5,032 759 561 12,445 14,303 (529) (706) $11,916 $13,597 The company reports its inventories using the LIFO inventory costing method. (a) What is the balance in inventories reported on GE's 2009 balance sheet? $0 (million) (b) What would GE's 2009 balance sheet have reported for inventories had the company used FIFO inventory costing? 50 (million)
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.10MCP: Comparison of Inventory Costing Methods—Periodic System Bitten Companys inventory records show 600...
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