CarsonWentz Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date January 1 June 2 November 5 Description Beginning inventory Purchase Sales # of units 110 60 130 Cost per unit $4 $3 Required 1. What amount would be reported as the cost of goods sold on the income statement for the year? Cost of Goods Sold: 2. What amount would be reported as the ending inventory balance on the balance sheet for the year? Ending Inventory Balance