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 $110$ barrels of crude oil:

$\backslash$table$[[$Beginning inventory and purchases,Barrels,Barrel cost,Total cost$],[$January $1,134,$$$95,$$$12,730$