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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 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 123 48 63 73 48 355 Barrel cost $94 103 97 92 102 Total cost $11,562 4,944 6,111 6,716 4,896 $34,229

If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 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 123 48 63 73 48 355 Barrel cost $94 103 97 92 102 Total cost $11,562 4,944 6,111 6,716 4,896 $34,229

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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 100 barrels of crude oil Beginning inventory and purchases Beginning inventory: Jan 1 March 11 June 1 September 1 December 1 Cost of ending inventory Cost of goods sold Barrels Barrel cost 123 48 63 73 48 355 $94 103 97 92 102 Total cost $11,562 4,944 6,111 6,716 4,896 $34,229
Transcribed Image Text: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 11 June 1 September 1 December 1 Cost of ending inventory Cost of goods sold Barrels Barrel cost 123 48 63 73 48 355 $94 103 97 92 102 Total cost $11,562 4,944 6,111 6,716 4,896 $34,229
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