General Electric Company reports its inventories using the LIFO inventory costing method. The following footnote appeared in its 2003 10-K report: INVENTORIES December 31 (In millions) Raw materials and work in process Finished goods Unbilled shipments 2003 $4,530 4,376 281 9,187 (632) $8,555 2002 $4,894 4,379 372 9,645 (606) $9,039 Less revaluation to LIFO Required: a. At what dollar amount are inventories reported on its 2003 balance sheet? b. At what dollar amount would inventories have been reported on GE's 2003 balance sheet had it used FIFO inventory costing? What effect did the use of LIFO inventory costing have on GE's income tax expense for 2003 (assume a 35% income tax rate)? d. Did the quantity of inventory increase or decrease in 2003? Did the per unit cost of inventory increase or decrease in 2003? Briefly explain. C