Essay
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 2019 and ending inventory under LIFO was $1.3 billion.Inventory in 2018 under LIFO costing was $1.2 billion.The LIFO Reserve account carried a credit balance of $0.8 billion in 2019 and $0.6 billion in 2018.
Compute the following:
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1.$1.8 billion, ($1.2 billion LIFO inven...View Answer
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