Inventories are stated at the lower of cost or market using the last-in, first-out (LIFO) method. If the first-in, first-out (FIFO) method had been used, inventories would have been higher than reported by the amount of the LIFO reserve shown below. No LIFO layers were liquidated in either year. The company's income tax rate is 25%.
Kenwood Supply — selected data ($ millions)
Line item
FY1
FY2
Inventories (LIFO), year-end
420
450
LIFO reserve, year-end
80
110
Cost of goods sold (LIFO)
2,400
2,640
Revenue
3,200
3,500
All data are invented.
An analyst is comparing Kenwood Supply with peers that use FIFO. Using Exhibit 2, what would Kenwood's FY2 cost of goods sold have been under FIFO ($ millions)?