Quiz – Occidental Petroleum Corporation

Intermediate Accounting

Spiceland, Nelson, and Thomas

10th Edition

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Given the inventories, raw materials, finished goods, and LIFO reserve, they ask you to determine how the pre-tax income would be affected had the company used FIFO to value the inventory.

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  • Search Terms: the finished if lifo materials note raw $ $, ($ () () ) , ... : affected? and annual approximately at be been carrying comes consisted corporation december end entire fifo following following: from goods had have higher how if in income indicates information inventories inventories net inventory inventory. inventory. required: its lifo materials method million millions) millions) note occidental of petroleum pre-tax repon report required: reserve respectively, respectively. s shareholders: shareholders: supplies that the to total under used value valued values were would
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