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

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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