Raw materials and supplies $ $352\mathrm{.}5$ $ $312\mathrm{.}8$

Work in progress $107\mathrm{.}096\mathrm{.}0$

Finished goods $135\mathrm{.}0135\mathrm{.}8$

FIFO inventories $594\mathrm{.}5544\mathrm{.}6$

LIFO reserve $(25\mathrm{.}7)(23\mathrm{.}5)$

Total inventories, net $ $568\mathrm{.}8$ $ $521\mathrm{.}1$

Required:

What amount of ending inventory would have been reported in the current year if Warner Borg had used only FIFO?

The cost of goods sold reported by Warner Borg for the current year was $$7,301\mathrm{.}7$ million. Determine the cost of goods sold that would have been reported if Warner Borg had used only FIFO for both years.

To lower the cash outflows for taxes, which of the following should the Warner Borg management choose to use for certain of its inventories when the costs are rising?