QV-TV,IncProvided the Following Items in Their Footnotes for the Year-End

question 4

Multiple Choice

QV-TV,Inc.provided the following items in their footnotes for the year-end 2010:
Cost of goods sold was $22 billion under FIFO costing and their inventory value under FIFO costing was $2.1 billion.The LIFO Reserve for year-end 2009 was a $0.6 billion credit balance and at year-end 2010 it had increased to a credit balance of $0.8 billion.How much is LIFO inventory value at year-end 2010?

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

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