80.2K

Verified Solution

Link Copied!

there are three questions

The following note was contained in a recent Visions Motor Company annual report NOTE 8. INVENTORIES - AUTOMOTIVE SECTOR Inventario at December 31 were as follova (dollar in million) Current Year Previous Year Raw material work in proces, &rupplies $ 3.206 $ 4.510 Finished products 6.612 6.941 Total inventories at FIFO 11.451 Less LIFO Adjustment 11. 270) (921) Total $ 8.549 310,630 9. 819 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 $127149 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 What amount of ending Inventory would have been reported in the current year if Visions had used only FIFO? (Enter your answer in millions.) Reported ending Inventory million Red Required 2 >

Answer & Explanation Solved by verified expert

See Answer