Borg Warner Inc. is a leading global supplier of highly engineered automotive systems and components primarily for powertrain applications. The following note was contained in its recent annual report: NOTE 3. INVENTORIES, NET as of December 31 tin millions) Current Year Prior Year Rav materials and supplies $ 319.5 $ 279.8 Work in progess 89.0 78.0 Finished goods 115.5 116.3 TIYO Inventories 524.0 474.1 LIPO reserve (18.3 16.0) Total Inventories, net $ 505.7 5458.1 Required: 1. What amount of ending inventory would have been reported in the current year if Borg Warner had used only FIFO? (Enter your answer in millions rounded to 1 decimal place.) 2. The cost of goods sold reported by Borg Warner for the current year was $6,548.7 million. Determine the cost of goods sold that would have been reported if Borg Warner had used only FIFO for both years. (Enter your answer in millions rounded to 1 decimal place.) 3. To lower the cash outflows for taxes, which of the following should the Borg Warnet management choose to use for certain of its inventories when the costs are rising? 1 2 Reported ending inventory Cost of goods sold Which method should Borg Wamer use? million million 3