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

question 4

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.
-What is the LIFO inventory value at year-end 2019?

• A)$1.9 billion.
• B)$2.9 billion.
• C)$2.3 billion.
• D)$1.3 billion.

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Definitions:

Efficient

Achieving maximum productivity with minimum wasted effort or expense.

Production Possibility Frontier

A graphical representation showing the maximum combination of goods and services that can be produced using all available resources efficiently.

Full Employment

A situation where all available labor resources are being used in the most economically efficient way.

Efficient

Optimal productivity with minimal waste of resources, achieving the best possible outcome with the inputs available.