Ventilation. The repetitive movement of gas into and out of the lungsVentilation delivers the oxygen and removes the carbon dioxide that is exchanged across the alveolar-capillary interface.. Ventilation and Gas Exchange. Lung Volumes and Capacities. . Lung Volumes and Capacities. Tidal Volume (VT) The volume of gas inhaled or exhaled during a breathResidual Volume (RV) The volume of gas remaining in the lungs at the end of a maximal expiration.