Quest Incprovided the Following Disclosure Note to the Financial Statements in in Its

question 38

Essay

Quest Inc.provided the following disclosure note to the financial statements in its 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 2019 and ending inventory under LIFO was $1.3 billion.Inventory in 2018 under LIFO costing was $1.2 billion.The LIFO Reserve account carried a credit balance of $0.8 billion in 2019 and $0.6 billion in 2018.
Compute the following:

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Definitions:

Associated

Connected or linked with something else, typically indicating a relationship or affiliation between entities or concepts.

NLRB

The National Labor Relations Board, a US federal agency responsible for enforcing US labor law in relation to collective bargaining and unfair labor practices.

Bargaining Unit

A group of employees with a clear and identifiable community of interests who are represented by a single labor union in bargaining and legal matters.

Criteria

Standards or principles by which something is judged or decided.