Quest Inc.provided the following footnote in their annual report:
Inventories are stated at the lower of cost or market.The cost of inventories has been determined using last in first out (LIFO)method.Cost of goods sold under LIFO costing were $22.2 billion for 2011 and ending inventory under LIFO was $1.3 billion.Inventory in 2010 under LIFO costing was $1.2 billion.The LIFO Reserve account carried a credit balance of $0.8 billion in 2011 and $0.6 billion in 2010.
Compute the following:
1. FIFO ending inventory balance at year end 2010 $ \quad $ -------
2. FIFO ending inventory balance at year end 2011 $ \quad $ -------
3. FIFO cost of goods sold for year end 2011 $ \quad $ $ \quad $ $ \quad $-------
4. Inventory turnover under LIFO costing for 2011 $ \quad $ -------
5. Inventory turnover under FIFO costing for 2011 $ \quad $ -------

Question

Quest Inc.provided the following footnote in their annual report:
Inventories are stated at the lower of cost or market.The cost of inventories has been determined using last in first out (LIFO)method.Cost of goods sold under LIFO costing were $22.2 billion for 2011 and ending inventory under LIFO was $1.3 billion.Inventory in 2010 under LIFO costing was $1.2 billion.The LIFO Reserve account carried a credit balance of $0.8 billion in 2011 and $0.6 billion in 2010.
Compute the following:
 1. FIFO ending inventory balance at year end 2010 $ \quad $ -------
2. FIFO ending inventory balance at year end 2011 $ \quad $  -------
3. FIFO cost of goods sold for year end 2011 $ \quad $  $ \quad $ $ \quad $-------
4. Inventory turnover under LIFO costing for 2011 $ \quad $ -------
5. Inventory turnover under FIFO costing for 2011 $ \quad $ -------

Quizplus · Accepted Answer

The Answer of Quest Inc.provided the following footnote in their annual report:
Inventories are stated at the lower of cost or market.The cost of inventories has been determined using last in first out (LIFO)method.Cost of goods sold under LIFO costing were $22.2 billion for 2011 and ending inventory under LIFO was $1.3 billion.Inventory in 2010 under LIFO costing was $1.2 billion.The LIFO Reserve account carried a credit balance of $0.8 billion in 2011 and $0.6 billion in 2010.
Compute the following:
 1. FIFO ending inventory balance at year end 2010 $ \quad $ -------
2. FIFO ending inventory balance at year end 2011 $ \quad $  -------
3. FIFO cost of goods sold for year end 2011 $ \quad $  $ \quad $ $ \quad $-------
4. Inventory turnover under LIFO costing for 2011 $ \quad $ -------
5. Inventory turnover under FIFO costing for 2011 $ \quad $ -------

Quest IncProvided the Following Footnote in Their Annual Report: Inventories Are

Quest IncProvided the Following Footnote in Their Annual Report:
Inventories Are