Landings Inc. provided the following footnote in their annual report:
Inventories are stated at the lower of cost or net realizable value. The cost of inventories has been determined using last in first out (FIFO) method. Cost of goods sold under FIFO costing were $22.2 billion for 20B and ending inventory under FIFO was $1.3 billion. Inventory in 20A under FIFO costing was $1.2 billion.
Compute the following for Landings:

Question

Quizplus · Accepted Answer

The Answer of Landings Inc. provided the following footnote in their annual report:
Inventories are stated at the lower of cost or net realizable value. The cost of inventories has been determined using last in first out (FIFO) method. Cost of goods sold under FIFO costing were $22.2 billion for 20B and ending inventory under FIFO was $1.3 billion. Inventory in 20A under FIFO costing was $1.2 billion.
Compute the following for Landings: