CONSOLIDATED BALANCE SHEET (millions of dollars) | 2016 | 2015 |
Assets | 2016 | 2015 |
Current assets | 2016 | 2015 |
Cash and cash equivalents | 3,657 | 3,705 |
Notes and accounts receivable | 21,394 | 19,875 |
Inventories: Crude oil, products and merchandise | 10,877 | 12,037 |
Materials and supplies | 4,203 | 4,208 |
Other current assets | 1,285 | 2,798 |
    Total current assets | 41,416 | 42,623 |
Crude oil, products and merchandise inventories are carried atthe lower of current market value or cost (generally determinedunder the last-in, first-out method – LIFO). Inventory costsinclude expenditures and other charges (including depreciation)directly and indirectly incurred in bringing the inventory to itsexisting condition and location.
In 2016, 2015 and 2014, net income included losses of $295million and $186 million, and a gain of $187 million, respectively,attributable to the combined effects of LIFO inventoryaccumulations and drawdowns. The aggregate replacement cost ofinventories was estimated to exceed their LIFO carrying values by$8.1 billion and $4.5 billion at December 31, 2016, and 2015,respectively.
Crude oil, products and merchandise as of year-end 2016 and 2015consist of the following:
Crude oil, products and merchandise as of year-end 2016 and 2015consist of the following (billions of dollars): | 2016 | 2015 |
Crude oil | 3.9 | 4.2 |
Petroleum products | 3.7 | 4.1 |
Chemical products | 2.8 | 2.7 |
Gas | 0.5 | 1.0 |
   Total | 10.9 | 12.0 |
(millions of dollars) | 2016 | 2015 | 2014 |
Total revenues | 226,094 | 268,882 | 411,939 |
Cost of Goods Sold | 136,098 | 165,590 | 266,831 |
Net income | 7,840 | 16,150 | 32,520 |
5.3 If ExxonMobil had used FIFO in 2016, what would be the valueof the inventory?
| | $10,877 |
| | $18,977 |
| | $8,100 |
| | $2,777 |
