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6 November, 21:28

Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. December 31 (in millions) 2010 2009 Raw materials and work in process $ 6,973 $ 7,581 Finished goods 4,435 4,105 Unbilled shipments 456 759 11,864 12,445 Less revaluation to LIFO (404) (529) $ 11,460 $ 11,916 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

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  1. 7 November, 01:05
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    The balance in inventories reported on GE's 2010 balance sheet is $11,460 Million

    Explanation:

    Analyzing an Inventory Footnote Disclosure

    General Electric Company reports the following footnote in its 10-K report.

    December 31 (in millions) 2010 2009

    Raw materials and work in process $ 6,973 $ 7,581

    Finished goods 4,435 4,105

    Unbilled shipments 456 759

    11,864 12,445

    Less revaluation to LIFO (404) (529)

    $ 11,460 $ 11,916

    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? 11,460 million
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