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 $5,613 $5,325

Finished goods $2,813 $2,576

Filled shipments $252 $277

$8,678 $8,178

Less revaluation to LIFO (2,286) (2,096)

LIFO value of inventories $ 6,392 $ 6,082

It also reported a $22 million change in the cost of goods sold due to "lower inventory levels".

Required:

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

Answers

Answer 1

Based on the LIFO reserve for both years, the increase in pretax operating profit would have been $190 million.

What is the change in pretax operating profit?

The change in pretax operating profit if GE used FIFO instead of LIFO is:

= Revaluation to LIFO in current year - Revaluation to LIFO in previous year

Solving gives:

= 2,286 - 2,096

= $190 million.

Because this shows a larger value for ending inventory under FIFO, it means that the Cost of Goods sold would be less thereby increasing profits by $190 million.

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Related Questions

Helena has always loved children and worked hard to become an elementary school teacher. Her family does not like this career because it traditionally does not pay a lot of money. Helena is determined to stay on her career path. What could Helena do to make sure she is secure financially?

Answers

Answer:

listen to her family and choose another career

Explanation:

Hope this helps! Please let me know if you need more help or think my answer is incorrect. Brainliest would be MUCH appreciated. Have a wonderful day!

Answer:

She could invest the spare money she has, and minimize her cost of living to save as much money as possible.

She could also try to do tutoring on the weekends to make sure extra money.

Which tool does the federal reserve use to control monetary policy through bank borrowing? discount rate money creation open-market operations reserve requirement

Answers

The federal reserve use open-market operations tool to control monetary policy through bank borrowing.

What are open-market operations?

Open market operations tend to imply the process in which the Fed buys and sells securities of the government in the financial market or to commercial banks.

Therefore, the money supply stabilizes when Fed sells securities that decrease the borrowing capacity of the banks. Similarly, when Fed purchases securities, the banks' borrowing capacity increases which increase the money supply.

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Answer:

Discount Rate

Explanation:

What state in the country has the highest percent of their credit economy with subprime credit scores?.

Answers

Answer:

The state in the country has the highest percent of their credit economy with subprime credit scores is Mississippi.

Explanation:

hope this helps

The state in the country that has the highest percentage of credit economy with subprime credit scores is Mississippi.  

What is a credit score?

The creditworthiness of a client is shown by their credit score, which ranges from 300 to 850. The better a borrower seems to potential lenders, the higher their score.

A credit score is based on a person's credit history, including the number of open accounts, the total amount of debt, the history of payments, and other elements. Credit scores are used by lenders to determine the likelihood that a borrower would make timely loan repayments.

There are numerous credit bureaus in the US, but only Equifax, Experian, and TransUnion are of significant national importance. The market for gathering, examining, and disseminating data about consumers in the credit markets is dominated by this trio.

Financial institutions employ the credit score model that was developed by the Fair Isaac Corp., today is known as FICO. Although there are several credit scoring systems, the FICO Score is by far the most popular. A person may raise their score in a number of ways, such as by making loan repayments on time and maintaining a modest debt load.

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Darren has borrowed $100$ clams from ethan at a $10\%$ simple daily interest. meanwhile, fergie has borrowed $150$ clams from gertie at a $5\%$ simple daily interest. in how many days will darren and fergie owe the same amounts, assuming that they will not make any repayments in that time period?

Answers

Answer:

20

Explanation:

start doing math

In 20 days Darren and Fergie owe the same amounts.

What is simple interest?

simple interest is primarily based on the primary quantity of a  or the primary deposit in a savings account. simple interest does not compound, which means that a creditor will best pay interest on the main amount and a borrower could by no means pay extra interest at the previously gathered interest.

calculation:-

10% is on $100 is = $10

5% SI on $150 = $7.5

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A demand curve displaying the relationship between the price of cars and the quantity demanded of cars should have a slope that is Group of answer choices less than 0. between zero and 1. between one and infinity. undefined.

Answers

Answer:

A demand curve displaying the relationship between the price of cars and the quantity demanded of cars should have a slope that is a. less than 0.

Explanation:

A demand curve displaying the relationship between the price of cars and the quantity demanded of cars should have a slope that is a. less than 0.

Which best describes a way people can use personal loans? to buy a house to buy a car to pay for college to pay for groceries.

Answers

The best way people can use their Personal loans is to buy or pay for groceries. As there are other separate loans for the things like car, home and pay for college.  

what is a personal loan?

A loan is issued for non-essential purposes, usually to a person with a good credit score who is not required to submit collateral to back up the loan.

A personal loan can be utilized for practically any reason, including settling credit card debt, home upgrades, and large purchases.

Thus option D is correct.

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Answer:

to pay for groceries

Explanation:

edge 2022, just took the test.

Cerina likes to make products while ensuring that accidents are kept to a minimum. Which career pathway would be the best fit for Cerina? Maintenance, Installation, and Repair Quality Assurance Logistics and Inventory Control Health, Safety, and Environmental Assurance.

Answers

Cerina enjoys creating items while keeping accidents to a minimum. Cerina's work path would be most suited to health, safety, and environmental assurance.

What do the health, safety, and environmental career fetch?

Employees in the Health, Safety, and Environmental (HSE) Assurance department make certain that:

In the workplace, the equipment is used safely.

Plan for safety in new manufacturing processes.

Conduct incident and hazard investigations in the areas of health, safety, and/or the environment.

Conduct incident and hazard inspections for health, safety, and/or the environment.

Implement programs, projects, policies, or procedures related to health, safety, and/or the environment.

Therefore, option (d) is the correct answer.

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Answer: Healthy,D-safety and Environmental assistance

Explanation: got it correct

What is the purpose of the layer of fat in the eye.

Answers

Answer: to keep it from bumping up against the bone and getting bruised.

A great way to make an impression after an interview is to send a handwritten thank-you note to your interviewer within ________ after your interview.

Answers

The best way to make an impression on your interviewer is to send a handwritten thank-you note within 48 hours after your interview.

What is an Interview?

An interview is an assessment of an individual. It is a structured conversation where one asks questions and the other provides an answer to the questions.

Interviews are used most times to know the qualification of an individual and to get to know more about the individual. To make an impression on the interviewer, it is advisable to send a thank you note to the interviewer within 48 hours after the interview.

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Why are employment and age certificates typically required?.

Answers

Answer:

They protect employers from hiring someone that is too young.They indicate the minor has the proper training to work.They guarantee the minor will be hired.

Explanation:

hope this helps

Differentiate between the scheduling techniques known as CPM and PERT

Answers

PERT is for Program Evaluation and Review Technique, whereas CPM stands for Critical Path Method. PERT is used to manage unpredictable activities, whereas CPM is used to manage predictable ones. PERT is concerned with events, whereas CPM is concerned with activities.

Through which tool does the federal reserve affect money available for banks to loan? discount rate money multiplier open-market operations reserve requirement

Answers

The federal reserve affects money available for banks to loan by using the reserve requirement tool.

What is the reserve requirement in monetary policy?

Reserve requirement is said as the set-aside funds by the commercial banks that they utilize for meeting their liabilities and instant withdrawal from customers.

Therefore, when Fed increases the rate of reserve requirement then banks need to hold the large amount which reduces their ability to loan more funds. It ultimately reduces the money supply and vice-versa.

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Answer:

d or Reserve requirement

Explanation:

flex point 2023

Over the long run, a surge in aggregate demand from a neoclassical perspective will most likely result in:

Answers

Answer: an increase in price level

Explanation:

Now, read a final article about the ita’s goal of creating fair trade. based on what you have learned, why does the ita believe that fair trade is important to us businesses and to the world?

Answers

Answer:

The ITA believes that fair-trade policies allow countries to import and export freely, allowing consumers to save money. It will also create economic opportunities that will help to improve economies in other countries, which could contribute to solving global issues like poverty. To meet these goals, the ITA believes that trade barriers need to be eliminated.

Explanation:

The ITA believes that fair-trade is important to us for the business because that policies allow countries to transport freely and to remove or the various economic problems.

What is ITA?

The full call of ITA is the Industry Training Authority. It is fully owned or governed by the Italian Government through the Ministry of Finance and the Economy.

It will also make economic possibilities that will support to amend economies in another countries.

This type of support could modify to understanding global contents or issues like poverty.

To encounter these destinations or goals, the ITA accepts that trade barriers need to be destructed with the intention of creating the fair trade.

Therefore, the aim of ITA to solve many problems of the economy.

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A competitive market is in long-run equilibrium. if demand decreases, we can be certain that price will a. fall in the short run. no firms will shut down, but some of them will exit the industry. price will then rise to reach the new long-run equilibrium. b. fall in the short run. all firms will shut down, and some of them will exit the industry. price will then rise to reach the new long-run equilibrium. c. not fall in the short run because firms will exit to maintain the price. d. fall in the short run. all, some, or no firms will shut down, and some of them will exit the industry. price will then rise to reach the new long-run equilibrium.

Answers

At a long run in a competitive market, price will fall if demand decreases and all, some, or no firms will shut down while some of them will exit the industry.

What is a competitive market?

These are markets where no consumer or producer has the major power to influence the market.

This means that there are high mumber of producers that are competing  with one another in hopes to provide goods and services for the consumers.

However, price will fall if demand decreases and all, some, or no firms will shut down while some of them will exit the industry.

Therefore, the Option D is correct.

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Technology has made our life easier. Justify the statement.

Answers

The digital era has simplified life in every aspect—from keeping people connected, to storing data, making information available, and enhancing security of data to end-end encryption. Technology has made this all possible, and its value and reach expand with each passing day.

i will give 100 points please help

Answers

To establish and maintain the store’s brand image in the customer’s mind. It provides support for the rest of the retailer’s selling efforts through display.

What remarketing audiences cannot be defined by default?.

Answers

Answer:

When a report is based on data from a large number of sessions, you may see the following notice at the top of the report This report is based on  sessions.You can adjust the sampling.

Explanation:

hope this helps

Patrick believes that it is his responsibility to speak on behalf of his team during meetings. However, Patrick's team members have not elected him to be their leader or spokesperson and feel that he is hindering them from expressing their opinions. This work team is most likely experiencing _____

Answers

In this case, the team is experiencing a minority domination which make them to choose not to elect patrick to be their leader since they felt he will hinder them from expressing their opinions.

What is a minority domination?

A minority domination means a situation where a few members of a group dominate the team discussions.

In conclusion, because of the minority domination present in the team, these made them not to elect patrick to be their leader since they felt he will hinder them from expressing their opinions.

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A fish population of 250 in a pond has a maximum annual rate of increase of 0. 8. If the carrying capacity of the pond is 1,500 for this species, what is the expected population size after one year?.

Answers

Based on the carrying capacity of the pond and the current fish population, the expected population size after one year is 417 fish.

What is the expected population size after one year?

This can be found as:

= Population + (rate of increase x population x (Carrying capacity - population / carrying capacity)

Solving gives:

= 250 + (0.8 x 250 x ( 1,500 - 250 /1,500))

= 417 fishes

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Rothan Corp. Is evaluating the purchase of a small firm, Lemm Inc. , which manufactures products involving advanced technology. These products are expected to revolutionize the home construction industry. Lemm has only a minor share of this growing market, but the market is expected to grow rapidly. Substantial investment will be required. In the BCG matrix, Lemm Inc. Would be placed in the _____________________ category

Answers

Lemm Incorporated will be put in the Question Mark Category on the BCG Matrix because it has a high growth potential but low market share.

What is a BCG Matrix?

The BCG matrix or BCG growth-share Matrix is a strategic tool developed by the Boston Consulting Group.

It is primarily used to categorize an investment based on its future outlook. The four key categories on the BCG Matrix are:

Cash CowQuestion MarkStars and Dogs

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The downsloping aggregate demand curve can be explained by.

Answers

The downsloping aggregate demand curve can be explained by interest-rate effect

What is aggregate demand curve?

Aggregate demand curve is a demand curve that shows or indicate all the money spent on the purchase of goods and services.

The goods and services represented on the curve are domestic i.e household and the price at each level is also indicated.

The curve can be explained by the knowing the rate if interest on the goods.

Therefore, The downsloping aggregate demand curve can be explained by interest-rate effect.

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write the ways of getting information of the foreign employmen​

Answers

Answer:

1.internet. 2.Notice board. 3.Magazines And newspapers

What criteria cannot be used to create a custom segment?.

Answers

Answer:

When a report is based on data from a large number of sessions you may see the following notice at the top of the report This report is based on  sessions.You can adjust the sampling.

Explanation:

hope this helps

A ___________ cost system would be used by a company that makes custom, made-to-order wedding cakes

Answers

A job order cost system would be used by a company that makes custom, made-to-order wedding cakes.

What is a job order costing system?

A job order costing system is a costing method that determines the cost of manufacturing each product or job separately.

The circumstances that favor the use of the job order costing system include:

Production includes a variety of different and customized products.There is a need to calculate the cost of producing an individual job.Production must match the customer's order and not for stocking for sale.The costs are accumulated for each job separately.A job is performed according to the customer's specifications.

Thus, a  job order cost system would be used by a company that makes custom, made-to-order wedding cakes.

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The working class tends to identify with manual workers and their long history of involvement in the labor movement. Group of answer choices True False

Answers

It is a true statement that the working class tends to identify with manual workers and their long history of involvement in the labor movement.

Who are the working class?

These class are dominated by persons whose jobs provides a low pay, require limited skill or physical labor.

Some of the other imporant fact about the working class includes:

They forms about 45% of the populationThey are worker who hold regular manual or blue-collar jobsSome of them have higher income than lower-middle classThey are declining noticeably in size in present times.

In conclusion, the statement that working class tends to identify with manual workers and their long history of involvement in the labor movement is true.

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Table 1 contains information about the number of new business start-ups in four cities in the UK in 2016.
Using the information in Table 1, calculate, to 2 decimal places, the number of new start-ups in Birmingham as a percentage of the number of new start-ups in London. You are advised to show your workings.

Answers

The number of start-ups in Birningham as a percentage of the start-ups in London is 8.51%.

What are percentages?

Percentage is a measure of frequency. It is the fraction of an amount that is usually expressed as a number out of hundred. The sign used to represent percentages is %.

The number of start-ups in Birningham as a percentage of the start-ups in London = (17473 / 205320) x 100 = 8.51%

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________ are legal documents that the state issues to companies based on information the company provides in the articles of incorporation.

Answers

The legal documents that the state issues to companies based on information that the company provides is known as corporate charter.

What is a corporate charter?

It should be noted that a corporate charter is the document that's filed with the secretary of state to establish a company as a corporation.

It is simply legal documents that the state issues to companies based on information the company provides in the articles of incorporation.

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A fan base is, in most ways, quite similar to a customer base.
A. False
B. True

Answers

The correct answer is ‘True’.
True in some ways. A fan supports the person statistically however a customer supports a person financially

In a period of steep increases in interest rates, which issuer is most likely to be negatively affected

Answers

Answer:

the answer to yout question is utility companys

Explanation:

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