Inventories at December 31 were as follows (dollars in millions) Previous Year Raw material, work in...

 

 

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Inventories at December 31 were as follows (dollars in millions) Previous Year Raw material, work in process, & supplies Finished products Total inventories at FIFO Less LIFO Adjustment Total Required 1 Current Year $ 3,206 Required 2 Required 3 6,643 9,849 (1,150) $ 8,699 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 $127,299 million. Determine the cost of go 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 inventories when the costs are rising? million $ 4,370 6,821 Complete this question by entering your answers in the tabs below. 11, 191 (851) $10,340 The cost of goods sold reported by Visions Motor Company for the current year was $127,299 million. Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. (Enter your answer in millions.) Cost of goods sold Inventories at December 31 were as follows (dollars in millions) Previous Year Raw material, work in process, & supplies Finished products Total inventories at FIFO Less LIFO Adjustment Total Required 1 Current Year $ 3,206 Required 2 Required 3 6,643 9,849 (1,150) $ 8,699 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 $127,299 million. Determine the cost of go 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 inventories when the costs are rising? million $ 4,370 6,821 Complete this question by entering your answers in the tabs below. 11, 191 (851) $10,340 The cost of goods sold reported by Visions Motor Company for the current year was $127,299 million. Determine the cost of goods sold that would have been reported if Visions had used only FIFO for both years. (Enter your answer in millions.) Cost of goods sold

Answer rating: 100% (QA)

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