QV-TV, Inc

question 114

Multiple Choice

QV-TV, Inc. provided the following items in its notes to the financial statements for the year-end 2016: 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 2015 was $0.6 billion and at year-end 2016 it had increased to $0.8 billion. How much is the 2016 LIFO cost of goods sold?

• A)$22.2 billion.
• B)$19.8 billion.
• C)$22.8 billion.
• D)$19.2 billion.

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Definitions:

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Acts that go against a law, rule, or code of conduct; violations of acceptable behavior.

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The process of creatively negotiating and modifying one's role in a particular social setting or group.

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Engaging in behavior or activities that assume a specific role or character, often used as a learning tool or for entertainment purposes.