Quest Inc. provided the following disclosure note to the financial statements in its 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 2016 and ending inventory under LIFO was $1.3 billion. Inventory in 2015 under LIFO costing was $1.2 billion. The LIFO Reserve account carried a credit balance of $0.8 billion in 2016 and $0.6 billion in 2015.
Required:
Compute the following: 
Definitions:
Doctorate Degree
The highest level of academic degree awarded by universities, typically after a course of study that follows a master's degree.
Associate's Degree
A post-secondary degree awarded by community colleges, junior colleges, technical colleges, and some four-year institutions, typically requiring two years of study.
Master's Degree
An advanced academic degree granted by universities or colleges, typically requiring the completion of a bachelor's degree and involving focused study in a specific field or discipline.
Median Income
The income amount that divides a population into two equal groups, half having income above that amount, and half below.
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