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# (Solved): Integrated Excel Problem 18-2 (Static) based on Word problem 18-21 If Exxon uses FIFO for its invent ...

Integrated Excel Problem 18-2 (Static) based on Word problem 18-21 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 purchases Barrels Barrel cost Total Cost Beginning inventory - January 1 125 \$95 \$ 11,875 1-March 50 101 \$ 5,050 1-June 65 98 \$ 6,370 1-September 75 90 \$ 6,750 1-December 50 103 \$ 5,150 Ending inventory 110 Required: Please use the above information to compute the following: Compute the number of barrels remaining in ending inventory from each purchase. Compute the cost of goods available for sale. Compute the cost of the 110 barrels in ending inventory assuming FIFO. Compute the cost of goods sold assuming FIFO.

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