Question: ExxonMobil evaluates inventory using FIFO with beginning inventory 15,000 units at $5/unit, purchases: 25,000 units at $6/unit, 30,000 units at $7/unit, ending inventory 20,000 units.

  1. ExxonMobil evaluates inventory using FIFO with beginning inventory 15,000 units at $5/unit, purchases: 25,000 units at $6/unit, 30,000 units at $7/unit, ending inventory 20,000 units.
    • Requirements:
      • Calculate the cost of goods sold (COGS).
      • Determine the value of ending inventory.
      • Prepare an inventory valuation report.
      • Discuss the impact of FIFO on financial statements.

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