Could you please help me solve the accounting below? Please see the attached file. Please...
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Accounting
Could you please help me solve the accounting below? Please see the attached file. Please help to do it step-by-step with all the workings and solutions. Thank you very much!
The following note was contained in a recent Taylor Brothers Motor Company annual report: NOTE 8. INVENTORIES-AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in millions) Current Year S 3,196 Previous Year Raw material, work in process, & supplies Finished products S 4,400 6,931 11,331 Total inventories at FIFO 9,829 71 Less LIFO Adjustment Total 1,11 S 8,719 S 10,560 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 Taylor Brothers Motor Company had used only FIFO? (Enter your answer in millions.) ported endin million 2. The cost of goods sold reported by Taylor Brothers Motor Company for the current year was $127,179 million. Determine the cost of goods sold that would have been reported if Taylor Brothers Motor Company had used only FIFO for both years. (Enter your answer in millions.) t of goods sold million
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