QV-TV, Inc

question 37

Multiple Choice

QV-TV, Inc. provided the following items in its notes to the financial statements for the year-end 2014: 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 2013 was $0.6 billion and at year-end 2014 it had increased to $0.8 billion. What is the LIFO inventory value at year-end 2014?

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

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Definitions:

Bladder Spasm

Sudden, involuntary contractions of the bladder muscles, causing an urgent need to urinate or potentially leading to urinary incontinence.

Urine Output

The amount of urine excreted by the kidneys over a specified time period, an important indicator of kidney and overall fluid health.

Increased Output

An increase in the amount of something produced, such as urine or manufactured goods.

24-Hour Output

The total volume of fluids excreted from the body in a 24-hour period, an important measurement in assessing kidney function and fluid balance.