7 The following note was contained in a recent Visions Motor Company annual report OTH. INVENTORIES AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in million) Previous Current Year Year Nav material, work in process, supplies $3,076 5 6.430 Finished products 6,613 6.871 Total inventories at TIRO 9.689 11,301 Less LIPO Adjustment (1.140) eel Total $ 8,549 $10.420 20 Boints 00:52:24 BOOK About one-third 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 Visions had used only FIFO? 2. The cost of goods sold reported by Visions Motor Company for the current year was $127.119 million Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. 3. To lower the cash outfiows for taxes, which of the following should the Visions Motor management choose to use for certain of its Inventories when the costs are rising? Print References Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 What amount of ending Inventory would have been reported in the current year if Visions had used only FIFO? (Enter your answer in millions.) Reported ording inventory millon Red Required 2 > 7 Homework Seved 7 The following note was contained in a recent Visions Motor Company annual report: NOTE 8. INVENTORTES-AUTOMOTIVE SECTOR Inventories at December 31 wore an follows (dollars in million) Previous Current Year Year Raw material, work in process, supplies $ 3,076 5.4.430 Finished products 6,613 6.821 Total inventories at TITO 9,689 11,301 Loon LIFO Adjustment (1,140) (801) Total $ 8,549 $10,420 Es 00:59:05 Book About one-third 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 Visions had used only FIFO? 2. The cost of goods sold reported by Visions Motor Company for the current year was $127.119 million Determine the cost of goods sold that would have been reported If Visions had used only FIFO for both years. 3. To lower the cash outfiows for taxes, which of the following should the visions Motor management choose to use for certain of its Inventories when the costs are rising? Print a erences Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 The cost of goods sold reported by Visions Motor Company for the current year was $127,119 million. Determine the cost of goods sold that would have been reported ir Visions had used only FIFO for both years. (Enter your answer in millions.) Cost of goods sold million 7 Homework Saved 7 The following note was contained in a recent Visions Motor Company annual report NOTE 8. INVENTORIES AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in millions) Previous Current Year Year Rav material, work in process, supplies $ 3,076 $ 4,430 Finished products 6,613 6,821 Total inventories at PITO 11,301 Les LIPO Adjustment (1.140) (881) Total $ 8,549 $10,420 9,689 00:58:35 Book About one-third 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 Visions had used only FIFO? 2. The cost of goods sold reported by Visions Motor Company for the current year was $127.119 million, Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. 3. To lower the cash outflows for taxes, which of the following should the Visions Motor management choose to use for certain of its Inventories when the costs are rising? Print prences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 To lower the cash outflows for taxes, which of the following should the Visions Motor management choose to use for certain of its inventories when the costs are rising? Which of the following should the Vision management choose to use for certain of its inventories when the costs are rising?