QV-TV, Inc

question 42

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. What is the LIFO inventory value at year-end 2016?

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