Inventory measurement and valuation of oil and gas petroleum products (LIFO vs FIFO) / Raenah Md Sem

Petroleum!11 Or, rather "black gold" .... the name becomes more appropriate with each passing year. We depend on it for our livelihood. On crude and refined oil. And on petrochemicals. Such are the sort of products produced, purchased and manufactured by Petrogas, one of the giant companies whose nature of business would affect the economy of the country, if not the world's, in one way or another. In the petroleum business (as in most other businesses), inventory is the lifeblood. Inventories affect the performance of business in terms of services and value as they ensure supply and their value will be reflected in the ascertainment of profit and working capital in the financial statements.