Chevron (CVX) disclosed LIFO (losses) / profits on inventory drawdowns (liquidations) included in net income for the year 2015 AND 2014 (find the disclosure). Identify the net income reported on the income statement for 2015 and 2014 (using only the 10-K filed in 2016). Determine the net earnings that would have been reported in 2015 and 2014 if the LIFO liquidation had not occurred in 2015 and 2014.

5-6. Net Income Attributable to CVX (see Stmt of Income) 2014: 2015:

7. +/- remove effect of accumulations and drawdowns 2014: 2015:

8. = NI without accumulations and drawdowns 2014: 2015: