S 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 Beginning inventory: Jan 1 March 1 June 1 September 1 December 1 Cost of ending inventory Cost of goods sold Barrels 127 Barrel cost Total cost $ 94 $11,938 52 103 5,356 67 97 6,499 77 92 7,084 52 102 5,304 375 $36,181