The following note was contained in a recent Visions Motor Company annual report: NOTE 8. INVENTORIES-AUTOMOTIVE...

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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) Previous Raw material, work in process, & supplies Finished products Total inventories at FIFO Less LIFO Adjustment Current Year $ 3,116 6,593 9,709 (1,190) Year $ 4,530 6,821 11,351 (851) Total $ 8,519 $ 10,500 About one-third of inventories were determined under the last-in, first-out method. Required: 1. What amount of ending inventory would have been reported in the current year if Visions had used only FIFO? 2. The cost of goods sold reported by Visions Motor Company for the current year was $127,159 million. Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. 3. 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. Required 1 Required 2 Required 3 The cost of goods sold reported by Visions Motor Company for the current year was $127,159 million. Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. Note: Enter your answer in millions. Cost of goods sold $ 124,677 million 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) Previous Raw material, work in process, & supplies Finished products Total inventories at FIFO Less LIFO Adjustment Current Year $ 3,116 6,593 9,709 (1,190) Year $ 4,530 6,821 11,351 (851) Total $ 8,519 $ 10,500 About one-third of inventories were determined under the last-in, first-out method. Required: 1. What amount of ending inventory would have been reported in the current year if Visions had used only FIFO? 2. The cost of goods sold reported by Visions Motor Company for the current year was $127,159 million. Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. 3. 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. Required 1 Required 2 Required 3 The cost of goods sold reported by Visions Motor Company for the current year was $127,159 million. Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. Note: Enter your answer in millions. Cost of goods sold $ 124,677 million