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 purchases Barrels Barrel cost Total Cost

Beginning inventory $-$ January $1125$ $$95$ $ $11,875$

$1-$March $50101$ $ $5,050$

$1-$June $6598$ $ $6,370$

$1-$September $7590$ $ $6,750$

$1-$December $50103$ $ $5,150$

Ending inventory $110$

Required:

Please use the above information to compute the following:

Compute the number of barrels remaining in ending inventory from each purchase.

Compute the cost of goods available for sale.

Compute the cost of the $110$ barrels in ending inventory assuming FIFO.

Compute the cost of goods sold assuming FIFO.