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Category > Accounting Posted 25 Sep 2017 My Price 7.00

Inventory Quantities Decline

Analyzing LIFO and FIFO When Inventory Quantities Decline Based on an Actual Note - In a recent annual report, General Electric reported the following in its inventory note:

December 31 (dollars in millions)

Current Year

Prior Year

Raw materials and work in progress

$5,603

$5,515

Finished goods

2,863

2,546

Unbilled shipments

246

280

8,712

8,341

Less revaluation to LIFO

2,226

2,076

LIFO value of inventories

$6,486

$6,265

It also reported a $23 million change in cost of goods sold due to “lower inventory levels.”

Required:

1. Compute the increase or decrease in the pretax operating profit (loss) that would have been reported for the current year had GE employed FIFO accounting for all inventory for both years.

2. Compute the increase or decrease in pretax operating profit that would have been reported had GE employed LIFO but not reduced inventory quantities during the current year.

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Maurice Tutor
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Status NEW Posted 25 Sep 2017 08:09 PM My Price 7.00

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