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 purchasesUnits (barrels)Cost per barrelTotal costUnits (Barrels) in ending inventoryBeginning inventory - January 1132$96$12,672 1-Mar57$102$5,814 1-Jun72$99$7,128 1-Sep82$91$7,462 1-Dec57$104$5,928 Ending inventory110 Required: Please use the above information to answer the following: Note: Use cells A4 to D10 from the given information to complete this question. Units (barrels)Costs Beginning inventory132$12,672 Purchases26826,332 Goods available for sale400$39,004 Ending inventory110 Cost of goods sold290$39,004

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Description: 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 purchasesUnits (barrels)Cost per barrelTotal costUnits (Barrels

It is the stock held for sale to customers. The inventory comprises of raw materials, work in…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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	Units (barrels)	Cost per barrel	Total cost	Units (Barrels) in ending inventory
Beginning inventory - January 1	132	$96	$12,672
1-Mar	57	$102	$5,814
1-Jun	72	$99	$7,128
1-Sep	82	$91	$7,462
1-Dec	57	$104	$5,928
Ending inventory	110

Required:
Please use the above information to answer the following:

Note: Use cells A4 to D10 from the given information to complete this question.

	Units (barrels)	Costs
Beginning inventory	132	$12,672
Purchases	268	26,332
Goods available for sale	400	$39,004
Ending inventory	110
Cost of goods sold	290	$39,004

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