Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information related to ExxonMobil's inventories is taken from its 2014 annual report. 3. Miscellaneous Financial Information In 2014, 2013, and 2012, net income
The following information related to ExxonMobil's inventories is taken from its 2014 annual report. 3. Miscellaneous Financial Information In 2014, 2013, and 2012, net income included gains of $187 mllion, $282 million, and $328 million, respectively, attributable to the combined effects of LIFO inventory accumulations and dradowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $10.6 billion and $21.2 billion at December 31, 2014 and 2013, respectively Crude oil, products, and merchandise as of year-end 2014 and 2013 consist of the following ($ in billions) 2014 2013 Petroleum products Crude oil Chemical products Gas/othcr $4.1 4.6 2.9 0.8 $12.4 $3.9 4.7 2.9 0.6 $12.1 Total The following information related to ExxonMobil's inventories is taken from its 2014 annual report. 3. Miscellaneous Financial Information In 2014, 2013, and 2012, net income included gains of $187 mllion, $282 million, and $328 million, respectively, attributable to the combined effects of LIFO inventory accumulations and dradowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $10.6 billion and $21.2 billion at December 31, 2014 and 2013, respectively Crude oil, products, and merchandise as of year-end 2014 and 2013 consist of the following ($ in billions) 2014 2013 Petroleum products Crude oil Chemical products Gas/othcr $4.1 4.6 2.9 0.8 $12.4 $3.9 4.7 2.9 0.6 $12.1 Total
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started