/ B Chapter? x M1? , X e C ' $32? l eztomheducationcom/hm tpx ' 5 m l' 14.32 polnls ' ln a recent annual report, Geneml Electric reported the following in lts inventonf note: December 31 (dollars in Il'ons) Current Year Prior Year Raw materlals and work In progress $ 5 603 $ 5 515 Flnlsned goods 2,863 2,546 Unollled shlprnenls 246 280 8,712 8,341 Less revaluatlon to LIFO (2,226) (2,076) LIFO value of inventories Hi 6,486 35 6,265 lt also reported a $23 milllon change in cost of goods sold due to "lower lnventory levels." Required: 1. Compute the increase or decrease in the pretax opemtlng prot (loss) that would have been reported tor the current year had GE employed FIFO accounting tor all inventory for both years. (Enter your answer in millions.) 2. Compute the increase or decrease in pretax operating prot that would have been reported had GE employed LIFO but not reduced inventory quantlties during the current year.(Enter your answer in millions.) lncreas e