Analyzing an Inventory Footnote Disclosure (LO2) General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. a. What is the balance in inventories reported on GE's 2012 balance sheet? b. What would GE's 2012 balance sheet have reported for inventories had the company used ft inventory costing? c. What cumulative effect has GE's choice of LIFO over FIFO had on its pretax income as of year 2012? Explain. d. Assume greaterthanorequalto has a 35% income tax rate. As of the 2012 year-end, how much has greaterthanorequalto saved if. by choosing LIFO over FIFO method for costing inventory? Has the use of LIFO increased a decreased GE's cumulative taxes paid? e. What effect has the use of LIFO inventory costing had on GE's pretax income and tax express for 2012 only (assume a 35% income tax rate)? Computing Cost of Sales and Ending Inventory (LO2) Stocken Company has the following financial records for the current period