(Solved):Q: Assume General E…

Question:

Question
Assume General Electric Company reports the following footnote in its 10-K report.
December 31 (In millions) 2016 2015
Raw materials and work in process $5,527 $5,042
Finished goods 5,152 4,806
Unbilled shipments 333 402
  11,012 10,250
Less revaluation to LIFO (697) (661)
  $10,315 $9,589
 
The company reports its inventories using the LIFO inventory costing method.

Assume GE has a 35% income tax rate. As of the 2016 year-end, how much has GE saved in

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