The following table contains inventory and cost of goods sold data for Amerada Hess, a...
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Accounting
The following table contains inventory and cost of goods sold data for Amerada Hess, a major oil producer and refiner. The firm uses the FIFO method. Inventories at year end ($ in millions)
2008 2009
Crude Oil 299 250
Refined and other finished products 436 583
735 833
Cost of products sold 4,287 4,450
Calculate Ameradas current cost of goods sold assuming that U.S. Commerce Department statistics indicate prices of oil products increased by 10% during 2009.
A. $4,360.50. B. $4,370.30. C. $4,523.50. D. $4,533.30
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