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.