A2 The following information comes from the 2024 Ocean Petroleum Corporation annual report to shareholders:NOTE 4 INVENTORIESNet carrying values of inventories valued under the LIFO method were approximately $187 million and $207 million onDecember 31, 2024 and 2023, respectively. Inventories consisted of the following: ($ in millions)2024Raw materialsMaterials and supplies 462Finished goods 791$ 81LIFO reserve2023$ 804614101,334 951(58) (52)Total$1,276 $ 899The LIFO reserve indicates that inventories would have been $58 million and $52 million higher at the end of 2024 and 2023,respectively, if Ocean Petroleum had used FIFO to value its entire inventory.Required:If Ocean Petroleum had used FIFO to value its entire inventory how would its 2024 pre-tax income be affected?Pre-tax income would have beenmillionif FIFO had been used to value the entire inventory.

LIFO or last-in, first-out is an inventory valuation method, that specifies that the inventory…

The following information comes from the 2024 Ocean Petroleum Corporation annual report to shareholders: NOTE 4 INVENTORIES Net carrying values of inventories valued under the LIFO method were approximately $187 million and $207 million on December 31, 2024 and 2023, respectively. Inventories consisted of the following: ($ in millions) 2024 2023 Raw materials $ 81 $80 Materials and supplies 462 461 Finished goods 791 410 1,334 951 (58) (52) $ 1,276 $ 899 LIFO reserve Total The LIFO reserve indicates that inventories would have been $58 million and $52 million higher at the end of 2024 and 2023, respectively, if Ocean Petroleum had used FIFO to value its entire inventory. Required: If Ocean Petroleum had used FIFO to value its entire inventory how would its 2024 pre-tax income be affected? Pre-tax income would have been million if FIFO had been used to value the entire inventory.

The following information comes from the 2024 Ocean Petroleum Corporation annual report to shareholders: NOTE 4 INVENTORIES Net carrying values of inventories valued under the LIFO method were approximately $187 million and $207 million on December 31, 2024 and 2023, respectively. Inventories consisted of the following: ($ in millions) 2024 2023 Raw materials $ 81 $80 Materials and supplies 462 461 Finished goods 791 410 1,334 951 (58) (52) $ 1,276 $ 899 LIFO reserve Total The LIFO reserve indicates that inventories would have been $58 million and $52 million higher at the end of 2024 and 2023, respectively, if Ocean Petroleum had used FIFO to value its entire inventory. Required: If Ocean Petroleum had used FIFO to value its entire inventory how would its 2024 pre-tax income be affected? Pre-tax income would have been million if FIFO had been used to value the entire inventory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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