2 E6-24. Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. ic E) December 31 ($ millions) 2015 2014 $13,415 8199 628 Raw materials and work in process... $ 9,963 6,982 755 22,243 17,701 206(62) $22,449 $17,639 a. What is the balance in inventories reported on GE's 2015 balance sheet? b. What would GE's 2015 balance sheet have reported for inventories had the company used FIFO c. What cumulative effect has GE's choice of LIFO over FIFO had on its pretax income as of year-end d. Assume GE has a 35% income tax rate. As of the 2015 year-end, how much has GE saved in taxes inventory costing? 2015? Explain. by choosing LIFO over FIFO method for costing inventory? Has the use of LIFO increased or de- creased GE's cumulative taxes paid? e. What effect has the use of LIFO inventory costing had on GE's pretax income and tax expense for 2015 only (assume a 35% income tax rate)