Description Read the inventory footnotes and answer the questions. MARATHON OIL CORPORATION Inventories - Crude oil and natural gas are recorded at weighted average cost and carried at the lower of cost or net realizable value. EXXON MOBIL CORPORATION in bringing the inventory to its existing consilion and location. Oecidental Petroleum Corporation INVENTORIES Oil, NGLs and natural gas inventories are valued at the lower of cost or market. For the chemical segment, Occidental's finished goods inventories are valued at the lower of cost or market. For most of Its domestic inventories, other than materials and supplies, the chemicai segment uses the last-in, first-out (LIFO) method as it better matches current costs and current revenue. For other countries, Oocidental uses the first-in, first-out method if the costs of goods are specifically identifiable) of the average-cost method (f the costs of goods are not specificaly identifiable). istructions ultiple Not allowed. This test can only be taken once. tempts This test can be saved and resumed later. Your answers are saved automatically. Which of the thee comparess apples the lower of oost of itarket to value its imentory? A. Marathen Oul A. Ewon ksod Ci Dceidental Petroleum QUESTION2 Gil? A. first in, Fired Out F. Last in, Fst Out C. Average cost (weighted avorage cost) D. Spocific Identilcabon QUESTION 3 Whet of the folowing ifventory costing metheds we have learned is used primarily for valuing invoriory for Exoun Mobir? A. First in, First Out 8. Liast In. First Out C. Awerage cost (weighted average cost) D.Specke identification Copy of Which of the following inventory costing methods we have learmed is used peimarily for valung domnstiolimertory for Occidental Petroleum? A. First in, First Out B. Linst In. Finst Out C. Average cost (weighted average cost) D. Specifo Identification QUESTHONS Which of the following inventory conting methods we have learned is used primarily for valuing specificaly identified inventory for other countries at Occidental Petroleum? A. First in, First Out B. Last In. First Out C. Average cost (weighted average cost) D. Specific identification Which of the following inventory coeting methods wo have learned is used primarify for valuing speificaly identied inventory for other countries at Occidental Petroleum? A. First ins Finst Out 8. Last in, First Out C. Averace cost (weighted average onst) D. Specific ldentification QUESTION 6 Which of the thee comparies which show the lowwst income in a period of rising prices? A. Marathon OI B. Exxon Motil C. Oocidental Petroleum for inventory outside the U,S. D. Do not solect. Description Read the inventory footnotes and answer the questions. MARATHON OIL CORPORATION Inventories - Crude oil and natural gas are recorded at weighted average cost and carried at the lower of cost or net realizable value. EXXON MOBIL CORPORATION in bringing the inventory to its existing consilion and location. Oecidental Petroleum Corporation INVENTORIES Oil, NGLs and natural gas inventories are valued at the lower of cost or market. For the chemical segment, Occidental's finished goods inventories are valued at the lower of cost or market. For most of Its domestic inventories, other than materials and supplies, the chemicai segment uses the last-in, first-out (LIFO) method as it better matches current costs and current revenue. For other countries, Oocidental uses the first-in, first-out method if the costs of goods are specifically identifiable) of the average-cost method (f the costs of goods are not specificaly identifiable). istructions ultiple Not allowed. This test can only be taken once. tempts This test can be saved and resumed later. Your answers are saved automatically. Which of the thee comparess apples the lower of oost of itarket to value its imentory? A. Marathen Oul A. Ewon ksod Ci Dceidental Petroleum QUESTION2 Gil? A. first in, Fired Out F. Last in, Fst Out C. Average cost (weighted avorage cost) D. Spocific Identilcabon QUESTION 3 Whet of the folowing ifventory costing metheds we have learned is used primarily for valuing invoriory for Exoun Mobir? A. First in, First Out 8. Liast In. First Out C. Awerage cost (weighted average cost) D.Specke identification Copy of Which of the following inventory costing methods we have learmed is used peimarily for valung domnstiolimertory for Occidental Petroleum? A. First in, First Out B. Linst In. Finst Out C. Average cost (weighted average cost) D. Specifo Identification QUESTHONS Which of the following inventory conting methods we have learned is used primarily for valuing specificaly identified inventory for other countries at Occidental Petroleum? A. First in, First Out B. Last In. First Out C. Average cost (weighted average cost) D. Specific identification Which of the following inventory coeting methods wo have learned is used primarify for valuing speificaly identied inventory for other countries at Occidental Petroleum? A. First ins Finst Out 8. Last in, First Out C. Averace cost (weighted average onst) D. Specific ldentification QUESTION 6 Which of the thee comparies which show the lowwst income in a period of rising prices? A. Marathon OI B. Exxon Motil C. Oocidental Petroleum for inventory outside the U,S. D. Do not solect
