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What is the formula of the ionic compound formed by the element’s lithium and oxygen?

Answer
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Hint : Ionic compounds are neutral compounds that contain both positively charged cations and negatively charged anions. The distribution of electrons in an element's atomic orbitals is defined by its electron configuration.

Complete Step By Step Answer:
Lithium is the periodic table's third element, a metal, with an electronic configuration of $1{s^2}2{s^1}$. The oxidation state of this element is $ + 1$ after it loses one electron.
The periodic table's eighth element is oxygen, a nonmetal, which has an electronic configuration $1{s^2}2{s^2}2{p^4}$. The oxidation state of this element is $ - 2$ which means it will gain two electrons.
The oxidation state of oxygen becomes the coefficient of lithium, and the oxidation state of lithium becomes that of the oxygen, using the criss-cross process. As a result, the compound formed by combining lithium and oxygen has the chemical formula $L{i_2}O$.

Additional Information:
With a density of around half that of water, lithium is the lightest of the metals. Lithium is the least dense of the solid elements under normal conditions. Lithium is a lustrous, soft metal that reacts violently with water to produce a powerful corrosive base.

Note :
In the solid-state, ionic compounds do not conduct electricity, but in the liquid state, they do. Ionic compounds have higher enthalpies of fusion and vaporization than molecular compounds. Ions are formed by electrostatic forces of attraction between oppositely charged ions. These compounds are fragile and quickly shatter into small pieces.