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 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: 
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1. $1.8 billion, ($1.2 billion LIFO inve...View Answer
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