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 Barrels Barrel cost Total cost Beginning inventory: Jan 1 123 $ 94 $11,552 March 1 48 103 4,944 June 1 63 97 6,111 September 1 73 92 5,716 December 1 48 102 4,896 355 $34,229 Cost of ending inventory Cost of goods sold