Multiple Choice
QV-TV,Inc.provided the following items in their footnotes for the year-end 2010:
Cost of goods sold was $22 billion under FIFO costing and their inventory value under FIFO costing was $2.1 billion.The LIFO Reserve for year-end 2009 was a $0.6 billion credit balance and at year-end 2010 it had increased to a credit balance of $0.8 billion.How much is the 2010 LIFO cost of goods sold?
A) $22.2 billion
B) $19.8 billion
C) $22.8 billion
D) $19.2 billion
Correct Answer:

Verified
Correct Answer:
Verified
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