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General Electric Company: Inventory
Lynch, Luann J. Exercise C-2336 / Published October 3, 2012
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Product Overview

This exercise presents the inventory footnote from General Electric Company's 2011 annual report. Students are asked to make inferences about inventory values on the balance sheet and to use the LIFO reserve to restate various balance-sheet and income-statement accounts to an as-if FIFO basis. This note replaces C-2242.


Learning Objectives

This exercise is designed for use during the introductory module of a financial accounting course. It is intended to expose students to the inventory footnotes, calculating inventory balances using the LIFO reserve, and the impact that a chosen inventory method will have on various balance sheet and income statement items.

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  • Overview

    This exercise presents the inventory footnote from General Electric Company's 2011 annual report. Students are asked to make inferences about inventory values on the balance sheet and to use the LIFO reserve to restate various balance-sheet and income-statement accounts to an as-if FIFO basis. This note replaces C-2242.

  • Learning Objectives

    Learning Objectives

    This exercise is designed for use during the introductory module of a financial accounting course. It is intended to expose students to the inventory footnotes, calculating inventory balances using the LIFO reserve, and the impact that a chosen inventory method will have on various balance sheet and income statement items.