QV-TV,Inc.provided the following items in their footnotes for the year-end 2010:
Cost of goods sold was $22 billion under FIFO costing and their inventory value under FIFO costing was $2.1 billion.The LIFO Reserve for year-end 2009 was a $0.6 billion credit balance and at year-end 2010 it had increased to a credit balance of $0.8 billion.How much is LIFO inventory value at year-end 2010?
A)$1.9 billion
B)$2.9 billion
C)$2.3 billion
D)$1.3 billion

Question

Quizplus · Accepted Answer

LIFO inventory ($1.3 billion) = FIFO inventory ($2.1 billion) - LIFO reserve ($0.8 billion)

QV-TV,IncProvided the Following Items in Their Footnotes for the Year-End