LIFO wos 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 LFO 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, caiculate the cost of ending inventory and cost of goods sold if ending inventory is 100 barrels of crude oit: (x Answer is complete but not entirely correct