Inventories: Chevron When answering questions 27 through 29, please: - Refer to the excerpt about inventories that is taken from Chevron's 10K for the fiscal year that ended on December 31, 2022. This except is in the financial statement booklet. - Refer to the Excel worksheets named: Chevron Income Statement. Chevron Balance sheet. Chevron Inventory Footnote. - Ignore taxes. That is, assume the income tax rate is zero and there are no sales taxes. - Show your supporting calculations in the worksheet named Chevron Inventories, which is in the Excel file. This worksheet is blank. You are to enter the relevant data into it, and then use Excel to calculate your answers. Chevron Corporation \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Schedule of Ancillary Inventory Information } \\ \hline \multicolumn{4}{|c|}{ \$ millions, except per share amounts } \\ \hline Fiscal Years Ended: & December 31, 2022 & December 31, 2021 & December 31, 2020 \\ \hline Excess of FIFO cost over the carrying value (i.e., LIFO cost) of inventories & 9,061 & 5,588 & 2,749 \\ \hline LIFO profits (losses) on inventory drawdowns included in earnings & 122 & 35 & -147 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline A & B & C & D \\ \hline \multicolumn{4}{|c|}{ Chevron Corporation } \\ \hline \multicolumn{4}{|c|}{ Consolidated Income Statements } \\ \hline \multicolumn{4}{|c|}{$ millions, except per share amounts } \\ \hline Fiscal Years Ended: & December 31, 2022 & December 31, 2021 & December 31, 2020 \\ \hline Sales and other operating revenues & 235,717 & 155,606 & 94,471 \\ \hline Income (loss) from equity affiliates & 8,585 & 5,657 & -472 \\ \hline Other income & 1,950 & 1,202 & 693 \\ \hline Total Revenues and Other Income & 246,252 & 162,465 & 94,692 \\ \hline \multicolumn{4}{|l|}{ Costs and Other Deductions } \\ \hline Cost of sales & 145,416 & 92,249 & 52,148 \\ \hline Operating expenses & 24,714 & 20,726 & 20,323 \\ \hline Selling, general and administrative expenses & 4,312 & 4,014 & 4,213 \\ \hline Exploration expenses & 974 & 549 & 1,537 \\ \hline Depreciation, depletion and amortization & 16,319 & 17,925 & 19,508 \\ \hline Taxes other than on income & 4,032 & 3,963 & 2,839 \\ \hline Interest and debt expense & 516 & 712 & 697 \\ \hline Other components of net periodic benefit costs & 295 & 688 & 880 \\ \hline Total Costs and Other Deductions & 196,578 & 140,826 & 102,145 \\ \hline Income (Loss) Before Income Tax Expense & 49,674 & 21,639 & 7,453 \\ \hline Income Tax Expense (Benefit) & 14,066 & 5,950 & 1,892 \\ \hline Net Income (Loss) & 35,608 & 15,689 & 5,561 \\ \hline Less: Net income (loss) attributable to noncontrolling interests & 143 & 64 & -18 \\ \hline Net Income (Loss) Attributable to Chevron Corporation & 35,465 & 15,625 & 5,543 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Chevron Corporation } \\ \hline \multicolumn{3}{|c|}{ Consolidated Balance Sheets } \\ \hline \multicolumn{3}{|c|}{ \$ millions, except per share amounts } \\ \hline Fiscal Years Ended: & December 31, 2022 & December 31, 2021 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash and cash equivalents & 17,678 & 5,640 \\ \hline Marketable securities & 223 & 35 \\ \hline Accounts and notes receivable & 20,456 & 18,419 \\ \hline Inventories & 8,247 & 6,795 \\ \hline Prepaid expenses and other current assets & 3,739 & 2,849 \\ \hline Total Current Assets & 50,343 & 33,738 \\ \hline Long-term receivables, net & 1,069 & 603 \\ \hline Investments and advances & 45,238 & 40,696 \\ \hline Properties, plant and equipment, net & 143,591 & 146,961 \\ \hline Deferred charges and other assets & 12,310 & 12,384 \\ \hline Goodwill & 4,722 & 4,385 \\ \hline Assets held for sale & 436 & 768 \\ \hline Total Assets & 257,709 & 239,535 \\ \hline & & \\ \hline \multicolumn{3}{|l|}{ Liabilities and Equity } \\ \hline Short-term debt & 1,964 & 256 \\ \hline Accounts payable & 18,955 & 16,454 \\ \hline Accrued liabilities & 7,486 & 6,972 \\ \hline Federal and other taxes on income & 4,381 & 1,700 \\ \hline Other taxes payable & 1,422 & 1,409 \\ \hline Total Current Liabilities & 34,208 & 26,791 \\ \hline Long-term debt 1 & 21,375 & 31,113 \\ \hline Deferred credits and other noncurrent obligations & 20,396 & 20,778 \\ \hline Noncurrent deferred income taxes & 17,131 & 14,665 \\ \hline Noncurrent employee benefit plans & 4,357 & 6,248 \\ \hline Total Liabilities & 97,467 & 99,595 \\ \hline & & \\ \hline Common stock & 1,832 & 1,832 \\ \hline Capital in excess of par value & 18,660 & 17,282 \\ \hline Retained earnings & 190,024 & 165,546 \\ \hline Accumulated other comprehensive losses & 2,798 & 3,889 \\ \hline Deferred compensation and benefit plan trust & -240 & -240 \\ \hline Treasury stock & 48,196 & 41,464 \\ \hline Total Chevron Corporation Stockholders' Equity & 159,282 & 139,067 \\ \hline Noncontrolling interests & 960 & 873 \\ \hline Total Equity & 160,242 & 139,940 \\ \hline & & \\ \hline Total Liabilities and Equity & 257,709 & 239,535 \\ \hline \end{tabular} Excerpt about inventories taken from Chevron's 10 -K for the fiscal year that ended on December 31, 2022. Inventories Crude oil, products and chemicals inventories are generally stated at cost, using a last-in, first-out method. In the aggregate, these costs are below market. Ancillary information about inventories is provided below. All amounts are in millions of U.S. dollars. (This table is reproduced in the Excel worksheet named Chevron Inventory Footnote.) On December 31, 2022, what was the FIFO cost of Chevron's inventory? Your answer should be in millions dollars. Question 28 2.86 pts For the fiscal year that ended on December 31, 2022, what amount of cost of sales would have Chevron reported if it had used the FIFO cost-flow assumption instead of the LIFO cost-flow assumption. Your answer should be in millions of dollars. Question 29 2.86 pts What effect, if any, did LIFO liquidations have on Chevron's net income for the fiscal year that ended on December 31, 2022? If the effect was positive (negative), enter your answer as a positive (negative) amount. Your answer should be in millions of dollars