Check my work 7 P7-10 (Algo) (Supplement A) Analyzing LIFO and FIFO When Inventory Quantities Decline Based on an Actual Note 10 points In a previous annual report, General Electric reported the following in its inventory note: Skipped December 31 (dollars in millions) Raw materials and work in progress Finished goods Unbilled shipments Current Year $ 5,603 2,853 253 8,709 (2,296) $ 6,413 Prior Year $ 5,505 2,596 290 8,391 (2,146) $ 6,245 eBook Less revaluation to LIFO LIFO value of inventories Print It also reported a $22 million change in cost of goods sold due to lower inventory levels. References Required: 1. 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. 2. Compute the increase or decrease in pretax operating profit that would have been reported had GE employed LIFO but not reduced inventory quantities during the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. (Enter your answer in millions.) Pretax net income million Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the increase or decrease in pretax operating profit that would have been reported had GE employed LIFO but not reduced inventory quantities during the current year. (Enter your answer in millions.) Net income before taxes million