British Petroleum Amoco (BP Amoco) is one of the worlds largest oil exploration, refining, and petrochemical firms.
Question:
In the financial statement notes, BP Amoco explains that a stock holding gain is the difference between the replacement cost of sales and the historical cost of sales (calculated using FIFO). Replacement cost reflects the average cost of goods acquired during the year.
1. Consider the relationships among replacement cost of sales, LIFO cost of sales, and FIFO cost of sales. Estimate what BP Amocos gross profit for 2004 and for 2003 would be using FIFO. Explain your calculations.
2. Estimate what BP Amocos gross profit for 2004 and for 2003 would be using LIFO. Explain yourcalculations.
Transcribed Image Text:
2004 2003 Turnover (sales) Replacement cost of sales. Replacement cost gross profit Stock holding gain (oss).. Historical cost gross profit $285,059$232,571 201,347 $ 36,34531,224 248,714 1.643 16 $37.988$ 31,240
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1 As computed by BP Amoco a stock holding gain is the difference between the repl...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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