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 1 133 $ 94 $ 12,502 March 1 58 103 5,974 June 1 73 97 7,081 September 1 83 92 7,636 December 1 58 102 5,916 405 $ 39,109

Cost of ending inventory
Cost of goods sold