Raven Company sells a single product and had the following goods available for sale in the last accounting period:

Beginning inventory: 8 units @ $12 $96

Purchases (in order from first to last): 16 units @ $10 $160

16 units @ $8 $128

24 units @ $6 $144

Sales for the period were 48 units.

What is the ending inventory balance and the cost of goods sold expense if the firm uses the FIFO method of inventory valuation?

Ending inventory is $144; cost of goods sold is $432.

Ending inventory is $96; cost of goods sold is $432.

Ending inventory is $176; cost of goods sold is $352.

Ending inventory is $132; cost of goods sold is $432.