Question

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?

Answer 1

$1.3 million is the 2010 life cost of goods sold.

Under FIFO costing:

Cost of goods sold = $22 billion

Inventory = $2.1 billion

LIFO Reserve for year-end 2018 = $0.6 billion

At year-end 2019 it had increased to $0.8 billion

Ending inventory (LIFO) = Ending inventory (FIFO) - Ending period LIFO reserve      = $2.1 billion - $0.8 billion

                     = $1.3 million

In economics, a commodity is an object that satisfies a human need and provides utility to consumers and others who purchase satisfying products. A distinction is generally made between transferable goods and non-transferable services.

The basic type of product depends on whether it is excludable, non-excludable, competing, or non-competing. Excludable goods are goods that you have to pay for, and non-excluded goods are free for everyone. The supply of competing goods is finite, but the supply of non-competing goods is unlimited.

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