In a recent annual report, General Electric reported the following in its inventory note:

December 31 (dollars in millions) Current Year Prior Year

Raw materials and work in progress $5,613 $5,325

Finished goods $2,813 $2,576

Filled shipments $252 $277

$8,678 $8,178

Less revaluation to LIFO (2,286) (2,096)

LIFO value of inventories $ 6,392 $ 6,082

It also reported a $22 million change in the cost of goods sold due to "lower inventory levels".

Required:

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

Answers

Answer 1

Based on the LIFO reserve for both years, the increase in pretax operating profit would have been $190 million.

What is the change in pretax operating profit?

The change in pretax operating profit if GE used FIFO instead of LIFO is:

= Revaluation to LIFO in current year - Revaluation to LIFO in previous year

Solving gives:

= 2,286 - 2,096

= $190 million.

Because this shows a larger value for ending inventory under FIFO, it means that the Cost of Goods sold would be less thereby increasing profits by $190 million.

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Related Questions

All companies operate in a broad ______-environment that is made up of six components, including political factors and technological factors. Multiple choice question. micro meso para macro

Answers

Answer:

The word that is underlined, that's the answer; Macro

Explanation:

hope this helps.

Answer:

the answer is macro .

Explanation:

MARK ME AS A BRIANLIEST

You have been at fault in your second accident in six months. your insurance company is going to increase your annual premium by 28%. your current annual premium is $975. what will your adjusted premium be?.

Answers

Your adjusted premium based on a current annual premium of $975, increased by a 28% penalty for being at fault in the second accident in six months, is $1,248.

What is the annual premium?

The annual premium is the amount that a policyholder pays to the insurance company for a one-year insurance policy.

The annual premium helps to guarantee payment of indemnity when the covered events occur.

This implies that the annual premium is a periodic contribution that helps in the pooling of risks by the insured to help the insurer meet its indemnity obligations.

Data and Calculations:

Current annual premium = $975

Increase in annual premium = 28%

Adjusted premium = $1,248 ($975 x 1.28)

Thus, the adjusted premium based on a current annual premium of $975, increased by a 28% penalty for being at fault in the second accident in six months, is $1,248.

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Employee ________ are perks that are provided in addition to salaries and wages, such as all or part of medical, dental, life and disability insurance.

Answers

The perks that are provided in addition to salaries and wages, such as all or part of medical, dental, life, and disability insurance are known as Employee Benefits.

What are Employee Benefits?

Employee benefits are benefits that include all types of nonwage compensation that are given to employees in addition to their normal wages and salaries.

These benefits cover a lot of things including transportation, group life insurance, medical benefits, and even disability insurance. These are perks that are added to the normal wage of an employee.

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This video illustrates that kohl’s is addressing retail segmentation and targeting by ____________________________.

Answers

This video illustrates that Kohl’s is addressing retail segmentation and targeting by b) personalizing its retail offering to meet the different needs of different types of customers.

What is retail segmentation and targeting?

Retail segmentation and targeting is the process by which a company:

Identifies its potential customers.Chooses the customers to pursue.Creates value for the targeted customers.

Retail segmentation and targeting is achieved through the segmentation, targeting, and positioning (STP) process.

Answer Options:

a) advertising on different cable channels to reach different types of customers.

b) personalizing its retail offering to meet the different needs of different types of customers.

c) doing all of the above.

d) releasing different clothing lines for Millennials, Gen Xers, and Boomers.

e) concentrating only on Boomers as they represent the largest and most lucrative generational segment.

Thus, the video illustrates that Kohl’s is addressing retail segmentation and targeting by b) personalizing its retail offering to meet the different needs of different types of customers.

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Which ics functional area arranges for resources and needed services.

Answers

The ICS functional area that arrange for resources and needed services is known as logistics.

What is ICS?

ICS is an acronym for Incident Command System. It is a management system designed to enable effective and efficient domestic incident management.

The five major ICS functional areas are:

CommandOperationsPlanningLogisticsFinance/administration.

Hence, Logistics as an ICS functional area is responsible for arranging for resources and needed services to support achievement of the incident objectives.

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What is systematic risk? Multiple choice question. It is a risk that is caused by failure of the internal control system of a corporation. It is a risk that increases in a systematic, gradual fashion. It is a risk that affects only one or a few assets. It is a risk that pertains to a large number of assets.

Answers

Systematic risk is D. It is a risk that pertains to a large number of assets.

What is systematic risk?

It should be noted that systematic risk simply refers to the risk that's inherent to the entire market.

In this case, systematic risk is the risk that pertains to a large number of assets. It is also known as volatility.

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According to the authors of A Gift of Fire, it is obvious that computer technology ___________ mass unemployment.

Answers

Answer:

According to the authors of A Gift of Fire, it is obvious that computer technology has not and will not mass unemployment.

Use your knowledge of the leadership grid to select the correct management style for each description.

Answers

The most appropriate management style for description A would be Country Club Management because they are related in different ways.

What is leadership grind?

Leadership grind is a text published in 1964 by Robert Blake and Jane Mouton. In this text, forms of management are classified as a tool for company managers to develop a management style.

One of the management styles proposed in this book is the country club manager, who is characterized by focusing his concern on the people who make up his work group, not worrying about production. This produces a comfortable work environment with poor performance.

Based on the foregoing, the most appropriate style for description A. would be Country Club Management, since it would foster a good work environment without looking at the team's results.

Note: This question is incomplete because there is some information missing. Here is the complete information:

A. Thoughtful, attention to people's needs for satisfying relationships leads to a comfortable and friendly organizational atmosphere and work pace.

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Dane is a single father with one qualifying dependent child. He has AGI of $154,000 and paid $9,100 to a qualified day care center for the two children. What amount of child and dependent care credit can Dane receive in 2021? Multiple Choice $0. $2,800. Incorrect $8,000. $9,600

Answers

Because Dane is a single father with one qualifying dependent child, the child and dependent care credit will be $8,000.

What is the child and dependent care credit?

This is a tax benefit that is made for qualifying persons that provide care for someone else.

The child and dependent care credit is for up to of $8,000 in qualified expenses for a qualifying child, and up to $16,000 for two or more children.

Hence, because Dane is a single father with one qualifying dependent child, the credit will be $8,000.

Therefore, the Option D is correct.

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PLS HELP FAST!! WILL GIVE THE BRAINLIEST!!! 25 POINTS!!! You have just read several theories about the causes of crime, and seen examples of how those theories might be used to prevent crime.
Which of these theories makes the most sense to you? Why?
Which of these theories made the least sense to you? Why?

Answers

The three major sociological theories which are the interactionist perspective, the conflict perspective, and the functionalist perspective. And each has its own distinct way of explaining various aspects of society and the human behavior within it.

Sociological theories on crime

There are many different sociological theories about crime, however, there are four primary perspectives about deviance: Structural Functionalism, Social Strain Typology, Conflict Theory, and Labeling Theory.

The least theory of crime

Social strain typology, developed by Robert K. Merton, is based upon two criteria: (1) a person's motivations or adherence to cultural goals; (2) a person's belief in how to attain her goals.

Therefore, it (social strain typology) is not within the confines of Criminal theories.

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Differentiate between the scheduling techniques known as CPM and PERT

Answers

PERT is for Program Evaluation and Review Technique, whereas CPM stands for Critical Path Method. PERT is used to manage unpredictable activities, whereas CPM is used to manage predictable ones. PERT is concerned with events, whereas CPM is concerned with activities.

Imagine that you are reading one of your favorite magazines. if you see a logo and recognize the brand as it is being presented to you, this is an example of

Answers

Assuming you see a logo and recognize the brand as it is being presented to you, this is an example of Aided recall.

What is aided recall?

Aided recall can be defined as the process in which a person is being asked a question partaining to the advertisement he/she saw.

Aided recall in important as it help to create product awareness and it enables people to recognize a brand based on the advert they saw and to showcase their knowledge about the advert when asked.

Inconclusion this is an example of Aided recall.

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Many South Korean HDTV manufacturers are willing to give up immediate profits for long-term penetration of the market. This is a pricing objective known as ______

Answers

The pricing objective used by the South Korean HDTV manufacturers is known as penetration pricing.

What is penetration pricing?

Penetration pricing is a pricing objective where the sellers of a new product set the price for their product unusually low. They increase the price with the passage of time.

The purpose of penetration pricing is to entice consumers to purchase the product and increase the firm's market share.

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When costs to purchase inventory are rising, using LIFO leads to reporting ______ cost of goods sold and ______ net income than FIFO.

Answers

When costs to purchase inventory are rising, using LIFO leads to reporting lower cost of goods sold and higher net income than FIFO.

LIFO and FIFO

LIFO means last in last out  while FIFO represent first in first out. In a situation were price of goods and service are falling using LIFO tend to assume that the newer and less expensive inventory is sold out first.

This tend to lead to lower cost of goods sold and higher net income.

Inconclusion when costs to purchase inventory are rising, using LIFO leads to reporting lower cost of goods sold and higher net income than FIFO.

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Pension expense must be adjusted when a net gain or a net loss at the beginning of the year exceeds 10% of the PBO or 10% of plan assets, whichever is higher. This threshold amount is referred to as the

Answers

Answer:

It is referred to as the Corridor

Explanation:

What system is based on the supply and demand of goods to make a profit?.

Answers

Answer:

B : market economy

Explanation:

Which statement describes what this graph indicates about government spending? the government spends less than it receives year over year. the government should produce more money to cover spending. the government on average spends more than it collects. the government needs to lower taxes to cover spending.

Answers

The government spending graph indicated that

the government on average spends more than it

collects.

What is Government Spending?

Government Spending serves as the public expenditure on goods as well as services which can be seen as a major component of the GDP.

Therefore, it can be concluded that the government spending graph let us know that the government spend more.

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All of the following are examples of fiscal policy except __________.
a. the government building the new i-22 into birmingham, alabama
b. decreasing the corporate tax rate on us businesses
c. the government purchase of army uniforms
d. lowering the interest rate
economics

Answers

The given options are all examples of fiscal policy enacted by government except d. lowering the interest rate.

What is fiscal policy?

Fiscal policy refers to actions by the government that are meant to improve or constrict economic activity.

They do so by either spending, reducing spending, or altering tax rates. Fiscal policy does not directly influence interest rates as this is done by monetary policy.

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what are the two factors that go into which item is thought of as bought first, etc., when choosing between several possible purchases.

Answers

Answer:

Fifo

Explanation:

Because the stock that is bought first should be the one to be purchased first

Knowing the educational requirements for a job you are interested in is very important. For example, to become a doctor would require you to go to school for many years, but to become a carpenter would require you to complete a specialized program through a trade school.

In the space below, write 2 to 3 sentences explaining why knowing the educational requirements for a job you are interested in is important.

Answers

Answer: It is very important because you need to be prepared to invest the time and money necessary to gain the required skills.

Explanation:

How do trade agreements of international organizations affect trade? by incentivizing the development of trade policies by eliminating tariffs and taxes on imports and exports by encouraging countries to provide open access to trade by helping smaller countries compete in the world market.

Answers

One way in which trade agreements by international organizations affect trade is by encouraging countries to provide open access to trade.

How do International Organizations affect trade?

International organizations agree to treaties with nations that encourage those nations to allow free access to trade.

This ensures that more trade happens because people and nations would be free to import and export which would increase trade volumes as people take advantage.

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Answer: C. by encouraging countries to provide open access to trade

Explanation:

right on edge 2022

Financial incentives given by the government to corporations, individuals, or other governments for the purpose of encouraging certain activities or behaviors are ______.

a. Grants

b. Entitlements

c. Welfare programs

d. Subsidies

Answers

Answer:

It os D, subsidies. this is correct.

Building, maintaining and strengthening beneficial relationships with suppliers and customers is accomplished through the use of: a. External process integration b. Data warehouses c. Expediting d. All of these choices are correct.

Answers

Building, maintaining and strengthening beneficial relationships with suppliers and customers is accomplished through the use of: a. External process integration.


What is External process integration?

External process integration can be defined as the process in which suppliers  build and maintain a  long lasting relationship with their customers.

External process integration is important as it enables suppliers to improve the quality of services rendered to their customers and it as well help them to save cost and time.

Inconclusion Building, maintaining and strengthening beneficial relationships is accomplished through the use of: a. External process integration.

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What is the purpose of establishing economic sanctions? to enter into an alliance with a country to honor the terms of a trade agreement to pressure a nation to change its policies to provide financial aid to a nation in need

Answers

The purpose of establishing economic sanctions is to pressure a nation to change its policies.

What is economic sanction?

Economic sanction refers to the states use economic pressure (trade and financial restrictions) against other states to create policy or behavioral change.

Various international bodies like UN, NATO uses economic sanctions against nations whose policy is against international agreeable standards.

Hence, the purpose of establishing economic sanctions is to pressure a nation to change its policies.

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Answer:

c

Explanation:

Darren has borrowed $100$ clams from ethan at a $10\%$ simple daily interest. meanwhile, fergie has borrowed $150$ clams from gertie at a $5\%$ simple daily interest. in how many days will darren and fergie owe the same amounts, assuming that they will not make any repayments in that time period?

Answers

Answer:

20

Explanation:

start doing math

In 20 days Darren and Fergie owe the same amounts.

What is simple interest?

simple interest is primarily based on the primary quantity of a  or the primary deposit in a savings account. simple interest does not compound, which means that a creditor will best pay interest on the main amount and a borrower could by no means pay extra interest at the previously gathered interest.

calculation:-

10% is on $100 is = $10

5% SI on $150 = $7.5

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You are given the following data on different rates with the same maturity(1.5years) , but quoted on a different basis and different compounding frequencies :

• continuously compounded rate: 2.00% annualized rate
• continuously compounded return on maturity: 3.00%
• annually compounded rate: 2.10% annualized rate
• semi-annually compounded rate: 2.01% annualized rate

you want to find an arbitrage opportunity among these rates.
is there any one that seems to be mispriced?

Answers

Based on the periods of compounding, the rate that is mispriced is the annually compounded rate.

Why is this mispriced?

First find out the effective rates of all the rates.

Continuously compounded rate:

= e ^ (Annual rate x period of compounding) - 1

= e⁰.⁰² ˣ ¹.⁵ - 1

= 0.0305

= 3.05%

Continuously compounded return on maturity:

= e ^ (Yield x period of compounding) - 1

=  e⁰.⁰³ ˣ ¹ - 1

= 0.0305

= 3.05%

Annual compounding :

= ( 1 + (Rate of compounding / Number of compounding periods in year))^number of compounding periods - 1

= (1 + 2.10%)¹.⁵ - 1

= 0.0317

= 3.17%

Semi-annual compounding:

= ( 1 + (Rate of compounding / Number of compounding periods in year))^number of compounding periods - 1
= (1 + 2.01%/2)³ - 1

= 0.0305

= 3.05%

Mispricing occurs at Annually compounded rate.

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In negative self talk, personalizing is when a person _______. a. focuses only on their problems, ignoring their successes b. blames themselves for every problem, whether it was their fault or not c. believes that every situation will end badly d. see themselves as a failure for not living up to impossible standards please select the best answer from the choices provided a b c d

Answers

Answer:

I believe that the answer is A. Focuses only on their problems, ignoring their successes.

In the personality development of an individual, sometimes the person tries to shrink his thinking capacity and his own willpower; he starts blaming himself without any fault. This is termed "negative self-talk."

What causes negative self-talk?

The main reasons for negative self-talk are a lack of self-confidence and depression. When a person fails in doing something, their self-confidence collapses so much that they give up easily, which makes them lose their confidence. This cause is common among those who are easily affected by others' views of them.

Sometimes others' points of view become so heavy on a person's mind who has less or no self-confidence that he starts the blame game. He becomes a self-blamer, believing that whatever happens, especially when something goes wrong, he will be held responsible even if he was not the cause of the problem.

Thus, the correct answer is B, where the person blames themselves for every problem, whether it was their fault or not, because they become the victim of the judgment of other people rather than their own judgment.

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Caspion Corporation makes and sells a product called a Miniwarp. One Miniwarp requires 6.5 kilograms of the raw material Jurislon. Budgeted production of Miniwarps for the next five months is as follows:
August 23,000 units
September 21,700 units
October 23,100 units
November 24,300 units
December 24,000 units
The company wants to maintain monthly ending inventories of Jurislon equal to 20% of the following month's production needs. On July 31, this requirement was not met since only 11,200 kilograms of Jurislon were on hand. The cost of Jurislon is $22 per kilogram. The company wants to prepare a Direct Materials Purchase Budget for the next five months.
The total cost of Jurislon to be purchased in August is:_______.

Answers

Assuming the company wants to prepare a Direct Materials Purchase Budget for the next five months. The total cost of Jurislon to be purchased in August is:$3,663,220.

Total cost

Using this formula

Total cost=(Desired ending inventory+ Required for production-Ending inventory)×Rate per kilogram

Total cost=[(21,700×6.5×20%)+(23,000×6.5)-11,200]×$22 per kilogram

Total cost=(28,210+149,500-11,200)×$22 per kilogram

Total cost=166,510×$22 per kilogram

Total cost=$3,663,220

Inconclusion the total cost of Jurislon to be purchased in August is:$3,663,220.

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What would be the best reason for the United States to provide military aid to another country? to protect an established alliance to improve the other nation’s reputation to help the other country gain greater power to result in a new trade agreement or alliance.

Answers

Answer: A protect an established alliance

Explanation:

that’s the answer on Ed2022

The best reason for the United States to provide military aid to another country is to protect an established alliance.

What is the reason the US providing military aid to other nations?

The US wants to give security to other nations and establish its supremacy among the nations. It shows its power to big nations by collaborating with small nations.

Therefore, the US form an alliance with these nations and get their support by involving in trading and other economic agreements with them.

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Economic stability is a benefit of technological advances. please select the best answer from the choices provided t f

Answers

Economic stability depends on financial health i.e Inflation & Output Growth where technology plays its part but it is not the sole factor.

The above statement is false.

What is Economic stability?

Minor fluctuations in output growth with consistent low Inflation,stable banking system constitutes  Economic stability.

Technological advances has palyed an important role in changing the Economy of any country  but it is not the sole factor. Hence, The statement is False

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Answer:

false

Explanation:on edge

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