The following inventory note appears in General Electric’s 2011 annual report. General Electric Company Edited Inventory Note 2011 2010 (millions of dollars) Raw materials and work in process $ 4,894 $ 4,708 Finished goods 4,379 3,951 Unbilled shipments 372 312 9,645 8,972 Less revaluation to LIFO (606) (676) $ 9,039 $ 8,295 LIFO revaluations decreased $70 million in 2011, compared with decreases of $169 million in 2010 and $82 million in 2009. Included in these changes were decreases of $21 million, $8 million and $6 million in 2011, 2010 and 2009, 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 2011. Assume a 35% marginal tax rate.