Quest IncProvided the Following Footnote in Their Annual Report:
Inventories Are

question 14

Short Answer

Quest Inc.provided the following footnote in their 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 2011 and ending inventory under LIFO was $1.3 billion.Inventory in 2010 under LIFO costing was $1.2 billion.The LIFO Reserve account carried a credit balance of $0.8 billion in 2011 and $0.6 billion in 2010.
Compute the following:
1. FIFO ending inventory balance at year end 2010 $\quad$ -------
2. FIFO ending inventory balance at year end 2011 $\quad$ -------
3. FIFO cost of goods sold for year end 2011 $\quad$ $\quad$ $\quad$ -------
4. Inventory turnover under LIFO costing for 2011 $\quad$ -------
5. Inventory turnover under FIFO costing for 2011 $\quad$ -------

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