Check my work 2 Warner Borg 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: OT). INVENTORIES, as of December 31 (in millions) Current Year Dior Year Raw materials and supplies 5 354.7 5 315.0 Work in progens 108.2 97.2 Finished goods 136.2 137.1 TIFO Inventories 599.2 5493 LITO reserve (25.6) (26.0) Total Inventories, net 5573.6 5 525.3 apped Required: 1. What amount of ending inventory would have been reported in the current year if Warner Borg had used only FIFO? (Enter your answer in millions rounded to 1 decimal place:) 2. The cost of goods sold reported by Warner Borg for the current year was $7,351.9 million. Determine the cost of goods sold that would have been reported if Warner Borg had used only FIFO for both years. (Enter your answer in millions rounded to 1 decimal place.) 3. To lower the cash outfiows for taxes, which of the following should the Warner Borg management choose to use for certain of its inventories when the costs are rising? 1 Reported ending inventory 2 Cout of goods sold 3 Which method should Warner Borg use? milion million