The following note was contained in a recent Visions Motor Company annual report:

NOTE $8.$ INVENTORIES$-$AUTOMOTIVE SECTOR

Inventories at December $31$ were as follows $($dollars in millions$)$

Current

Previous

Year Year

Raw material, work in process, & supplies

$$3,196$$$4,470$

Finished products

Total inventories at FIF$0$

Less LIF$0$ Adjustment

Total

About one$-$third of inventories were determined under the last$-$in$,$ first$-$out method.

Required:

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

The cost of goods sold reported by Visions Motor Company for the current year was $$127,129$ million. Determine the cost of goods

sold that would have been reported if Visions had used only FIFO for both years.

To lower the cash outflows for taxes, which of the following should the Visions Motor 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.

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

Note: Enter your answer in millions.