QV-TV, Inc. provided the following items in its notes to the financial statements for the year-end 2019: Cost of goods sold was $22.40 billion under FIFO costing and the inventory value under FIFO costing was $2.18 billion. The LIFO Reserve for year-end 2018 was $0.64 billion and at year-end 2019 it had increased to $0.84 billion. How much is the 2019 LIFO cost of goods sold?

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Question:

QV-TV, Inc. provided the following items in its notes to the financial statements for the year-end 2019: Cost of goods sold was $22.40 billion under FIFO costing and the inventory value under FIFO costing was $2.18 billion. The LIFO Reserve for year-end 2018 was $0.64 billion and at year-end 2019 it had increased to $0.84 billion. How much is the 2019 LIFO cost of goods sold?

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Answer:$1.34 billionExplanation:The calculation of LIFO cost of goods sold is shown below:-Cost of goods sold FIFO = $22.40 billionInventory FIFO =$2.18 billionBeginning reserve LIFO = $0.64 billionEnding reserve LIFO = $0.84 billionEnding inventory FIFO = Ending inventory LIFO + Ending reserve LIFOEnding inventory LIFO = $2.18 billion - $0.84 billion= $1.34 billion

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