Calculate the cost of goods manufactured (COGM) using the FIFO (First-In-First-Out) costing method, with the following data: beginning work in process inventory of $75,000, direct materials used of $110,000, direct labor of $100,000, manufacturing overhead of $60,000, and ending work in process inventory of $45,000. Elaborate on the FIFO costing method and its suitability for inventory valuation. Provide detailed calculations and insights.