QV-TV,IncProvided the Following Items in Its Notes to the Financial

question 32

Multiple Choice

QV-TV,Inc.provided the following items in its notes to the financial statements for the year-end 2019: Cost of goods sold was $22 billion under FIFO costing and the inventory value under FIFO costing was $2.1 billion.The LIFO Reserve for year-end 2018 was $0.6 billion and at year-end 2019 it had increased to $0.8 billion.
- How much is the 2019 LIFO cost of goods sold?

• A)$22.2 billion.
• B)$19.8 billion.
• C)$22.8 billion.
• D)$19.2 billion.

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Definitions:

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