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 Beginning inventory 1 March a June September December 1 Barrels 139 60 79 39 64 435 Barrel cost $94 105 92 92 102 Total cost $13,066 6,592 7,663 8.18 6,528 $42,037 Cost of ending inventory Cost of goods sold