Seved If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 100 barrels of crude oil Beginning inventory and purchases Beginning inventory: Jan 1 March 1 June 1 September 1 December 1 Barrels 121 46 61 71 46 345 Barrel cost $ 96 102 99 91 104 Total cost $11,616 4,692 6,039 6,461 4,784 $33,592 Cost of ending inventory Cost of goods sold