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 $50,000, direct materials used of $80,000, direct labor of $70,000, manufacturing overhead of $45,000, and ending work in process inventory of $30,000. Elaborate on the FIFO costing method and its suitability for inventory valuation. Provide detailed calculations and insights.