LIFO revaluations decreased $70 million in Year 3, compared with decreases of $169 million in Year 2 and $82 million in Year 1. Included in these changes were decreases of $21 million, $8 million and $6 million in Year 3, Year 2 and Year 1, respectively that resulted from lower LIFO inventory levels. There were net cost decreases in each of the last three years. GE's earnings before income taxes were $18.891 billion in Year 3. Assume a 35% marginal tax rate. What are the total cumulative tax savings as of December 31, Year 3 that greaterthanorequalto has realized as a result of using the LIFO inventory method? What would GE's pre-tax earnings have been in Year 3 if it had been using FIFO? What December 31, Year 3 balance sheet figures would be different-and by how much-if greaterthanorequalto had used FIFO to account for its inventories? What were the LIFO liquidation profits reported in Year 3 both pre-tax and after-tax? Explain what factors cause the difference between the LIFO pre-tax income number and the FIFO pre-tax income number you estimated in requirement 2