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

The balance in inventories reported on GE's 2010 balance sheet is $11,460 Million

Step-by-step 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