If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 100 barrels of crude oil. Beginning inventory and purchases Beginning inventory: Jan 1 March 1 June 1 September 1 December 1 Barrels 115 Barrel cost $ 96 40 102 55 99 65 91 40 104 315 Cost of ending inventory Cost of goods sold