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 purchasesBarrelsBarrel costTotal cost Beginning inventory: Jan 1 129 $96 $12,384 March 1 54 102 5,508 June 1 69 99 6,831 September 1 79 91 7,189 December 1 54 104 5,616 385 $37,528 Cost of ending inventory Cost of goods sold

Inventory is the stock, items, and raw material that the company stores in the warehouse to use in…

Answered: If Exxon uses FIFO for its inventory…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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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	Barrels	Barrel cost	Total cost
Beginning inventory: Jan 1		129		$	96	$	12,384
March 1		54			102		5,508
June 1		69			99		6,831
September 1		79			91		7,189
December 1		54			104		5,616
		385				$	37,528