The average price of a gallon of gas in 2010 jumped $0.43 (18 percent) from $2.3

Question

The average price of a gallon of gas in 2010 jumped $0.43 (18 percent) from $2.36 in 2009 (to $2.79 in 2010). Let’s see whether these changes are reflected in the income statement of Chevron Corporation for the year ended December 31, 2010 (amounts in billions).

Compute the gross profit percentage for each year. (Round your answers to 1 decimal place.)

1-a.

Compute the gross profit percentage for each year. (Round your answers to 1 decimal place.)

Total Revenues Costs of Crude Oil and Products Other Operating Costs 2010 2009 $205 $172 116 100 53 57 Income before Income Tax Expense3219 Income Tax Expense 13 Net Income $19 $ 11

Explanation / Answer

computation of gross profit percentage Particulars 2010 2009 Revenue 205 172 costs of crude oil and products 116 100 Other operating costs 57 53 Gross profit 32 19 Gross profit (%) 15.6 11.0

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