2.00 points The following nole was contained in a recent Taylor Brothers Motor Company annual report. NOTE 8 INVENTORIES AUTOMOTIVE SECTOR Inventories at Decamber 31 were as follows (dollars in milions) Previous Year Raw material, work in process, & supplies Finished products Current Year S 3.066 4,480 6,951 6653 Total inventoriss atro Less LIFO Adjustment Total 1.130)51) S10,680 S 8,589 About one-thlird of Inventories were determined under the last-in, first-out method Required 1. What amount of ending inventory would have been reported in the current year if Taylor Brothers Motor Company had used only FIFO? (Enter your answer in millions.) millinn 2. The cost ot goods sold reported by Tayior Brothers Motor Company tor the current year was $127,249 million. Determine the cost ot goods sold that would have been reported it Taylor Brothers Motor Company had used only FIFO tor both years. million 3. To lower the cash outhows for taxes, which of the following should the Taylor Brothers Motor Company chccse to use for certain of its inventories when the costs are rising? LIFO FIFO Both methods result in the same cash outflow for taxes eBook & Resources 2.00 points The following nole was contained in a recent Taylor Brothers Motor Company annual report. NOTE 8 INVENTORIES AUTOMOTIVE SECTOR Inventories at Decamber 31 were as follows (dollars in milions) Previous Year Raw material, work in process, & supplies Finished products Current Year S 3.066 4,480 6,951 6653 Total inventoriss atro Less LIFO Adjustment Total 1.130)51) S10,680 S 8,589 About one-thlird of Inventories were determined under the last-in, first-out method Required 1. What amount of ending inventory would have been reported in the current year if Taylor Brothers Motor Company had used only FIFO? (Enter your answer in millions.) millinn 2. The cost ot goods sold reported by Tayior Brothers Motor Company tor the current year was $127,249 million. Determine the cost ot goods sold that would have been reported it Taylor Brothers Motor Company had used only FIFO tor both years. million 3. To lower the cash outhows for taxes, which of the following should the Taylor Brothers Motor Company chccse to use for certain of its inventories when the costs are rising? LIFO FIFO Both methods result in the same cash outflow for taxes eBook & Resources