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In a recent annual report. General Electric reported the following in its inventory It also reported a $23 million change in cost of goods sold
In a recent annual report. General Electric reported the following in its inventory It also reported a $23 million change in cost of goods sold due to "lower inventory levels." Compute the increase or decrease in the pretax operating profit (loss) that would have been reported for the current year had greaterthanorequalto employed FIFO accounting for all inventory for both years. (Enter your answer in millions.) Compute the increase or decrease in pretax operating profit that would have been reported had greaterthanorequalto employed LIFO but not reduced inventory quantities during the current year. (Enter your answer in millions.)
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