Analyzing Effects of LIFO on Inventory Turnover Ratios The current assets of Exxon Mobil Corporation follow: supplies are valued at cost or less. exceed their LIFO carrying values by $26.6 billion and $21.3 billion at December 31, 2014, and 2013, respectively. Required: \$ 1 million b. Exxon Mobil reported cost of goods sold of $266,534 million in 2014. Compute its inventory turnover ratio for 2014 using total inventories. (Round your answer to one decimal place.) 0 year 2014. (Round your answer to one decimal place.) 0 the FIFO costing method.)(Round your answer to one decimal place.)
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