Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 110 barrels of crude oil Beginning inventory and purchases Beginning inventory: Jan 1 March 1 June 1 September 1 December 1 Barrels Barrel cost $ 95 101 98 90 103 Igua82 Total cost $12, 100 5,353 6,664 7,620 5,459 $36,656 Cost of ending inventory Cost of goods sold