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Exxon Mobil Corporation provides the following details for the quarter ending September 30, 2024: Item Amount ($) Beginning Inventory (Sep 1) 2 billion Purchases 3.5
Exxon Mobil Corporation provides the following details for the quarter ending September 30, 2024:
Item | Amount ($) |
Beginning Inventory (Sep 1) | 2 billion |
Purchases | 3.5 billion |
Sales | 4.2 billion |
Ending Inventory (Sep 30) | ? billion |
Required:
- Calculate the cost of goods sold for Exxon Mobil Corporation for the quarter.
- Determine the ending inventory value using the FIFO method.
- Prepare a schedule of cost of goods manufactured (if additional information on manufacturing costs is provided).
- Analyze the impact of inventory valuation methods on financial statements.
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