Required 1Required 2Required 3The cost of goods sold reported by Visions Motor Company for the current year was $127,109 million. Determine the cost ofgoods sold that would have been reported if Visions had used only FIFO for both years. (Enter your answer in millions.)Cost of goods soldmillion The following note was contained in a recent Visions Motor Company annual report:NOTE 8. INVENTORIES-AUTOMOTIVE SECTORInventories at December 31 were as follows (dollars in millions)PreviousCurrent YearYearRaw material, work in process, & suppliesFinished productsTotal inventories at FIFO$ 3,0466,5339,579(1,180)$ 8,399$ 4,4106,91111,321Less LIFO Adjustment(711)Total$10,610About 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 $127,109 million. Determine the cost of goodssold 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 itsinventories when the costs are rising?Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3What amount of ending inventory would have been reported in the current year if Visions had used only FIFO? (Enter youranswer in millions.)Reported ending inventorymillion

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Description: Required 1Required 2Required 3The cost of goods sold reported by Visions Motor Company for the current year was $127,109 million. Determine the cost ofgoods sold that would have been reported if Visions had used only FIFO for both years. (Enter your

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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 $127,109 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?

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 $127,109 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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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