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Analyzing Effects of LIFO on Inventory Turnover Ratios The current assets of Exxon Mobil Corporation follow: 2014 2013 $13,068 $8,453 38,642 32,284 $ millions Current assets Cash and cash equivalents Notes and accounts receivable, less estimated doubtful amounts Inventories: Crude oil, products and merchandise Materials and supplies Other current assets 13,665 11,852 3,359 3,124 6,229 5,271 $74,963 $60,984 Total current assets In addition, the following note was provided in its 2014 10-K report: Inventories. Crude oil, products and merchandise inventories are carried at the lower of current market value or cost (generally determined under the last-in, first-out methodLIFO). Inventory costs include expenditures and other charges (including depreciation) directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. Inventories of materials and supplies are valued at cost or less. In 2014, 2013, and 2012, net income included gains of $292 million, $317 million, and $207 million, respectively, attributable to the combined effects of LIFO inventory accumulations and drawdowns. The aggregate replacement cost of inventories was estimated to exceed their LIFO carrying values by $27.6 billion and $21.3 billion at December 31, 2014, and 2013, respectively. Required: a. Exxon Mobil reported pretax earnings of $73,257 million in 2014. What amount of pretax earnings would have been reported by the company if inventory had been reported using the FIFO costing method? $ x million

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