If 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 Barrels Barrel cost Total cost Beginning inventory: Jan 1 $ 96 $12,960 March 1 6,120 June 1 7,425 September 1 85 7,735 December 1 6,240 $40,480 135 68 75 102 99 91 184 60 415 Cost of ending inventory Cost of goods sold