Question

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

Answer 1

Answer:

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