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:

Beginning inventory and purchases Barrels Barrel cost Total cost

January $1126$ $ $96$ $ $12,096$

March $1511025,202$

June $166996,534$

September $176916,916$

December $1511045,304$

$370$ $ $36,052$