The following note was contained in a recent Ford Motor Company annual report: NOTE B. INVENTORIES-AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in millions) Raw material, work in process, & supplies Current Year $ 2,847 3,982 Previous Year $2,812 Finished products Total inventories at FIFO Less LIFO Adjustment Total 3,970 6,829 6,782 (928) (865) $ 5,901 $ 5,917 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 Ford had used only FIFO? 2. The cost of goods sold reported by Ford for the current year was $113,345 million. Determine the cost of goods sold that would have been reported if Ford had used only FIFO for both years: 3. To lower the cash outflows for taxes, which of the following should the Ford management choose to use for certain of its inventories when the costs are rising? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What amount of ending inventory would have been reported in the current year if Ford had used only FIFO? (Enter your answer in millions.) Reported ending inventory million. Brandred a Required 2 >