Scotty's is a leading snack-food company. The folowing note was contained in its recent annual report Inventories at year end oonsicted of the folowng in thousands) Curment Year 23,233 Prior Year 21.014 Fnished goods Raw materials Supples, etc 14 342 42 800 Total inventones a FIFO cost 49.918 Less adjustment to neduce FIFO oost to LIFO bost Total inventories 162) 437585316 37 484 Required: . What amount of ending inventory would have been reporied in the ourrent year if Sootty's had used only FIFO? (Enter your answer in thousands) hounand 2. The cost of goods sold neported by Sootty's for the oument year was $530,003 thousand Determine the oost of goods sold that would have been reported if Scoty's had used only FiFO for both years. (Enter your answer in thousands . To lower the cash outfows for lases, which of the ollowing should the Scotly's management choose to use for certain of its inventories when e costs are rsing? LFO HFO Both nethods rsut in the same cash outfiow for tx