QV-TV, Inc

Finance Sep 04, 2020

QV-TV, Inc. provided the following items in its notes to the financial statements for the year-end 2014: 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 2013 was $0.64 billion and at year-end 2014 it had increased to $0.84 billion. What is the LIFO inventory value at year-end 2014?

Expert Solution

Computation of the LIFO inventory value at year-end 2014:-

LIFO inventory value = FIFO inventory - LIFO reserve

= $2.18 - $0.84

= $1.34 billion

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