LIFO was designed to protect cash flow in industries where prices increase rapidly. It has been used for both tax and

financial statement reporting since the $1930$s$.$ The higher cost of goods sold under LIFO in these circumstances

results in lower reported profit than under FIFO. In the $2012$ budget, President Obama has threatened to repeal

LIFO. 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:

Cost of ending inventory

Cost of goods sold