Delta Diamonds uses a periodic inventory system. The company had five one-carat diamonds available for sale this year one was purchased on June 1 for $600, two were purchased on July 9 for $700 each, and two were purchased on September 23 for $750 each, On December 24, it sold one of the diamonds that was purchased on July 9 Using the specific identification method, its ending inventory (after the December 24 sale) equals Muple Choice $700 $2,900 $2,000 $2,800 Maxell 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 # of units Cost per unit 180 $5 Purchase Sales 75 $4 195 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold 5960: Ending inventory $240 Cost of goods sold $1,035, Ending inventory $270 Cast of goods sold $900, Ending inventory $300 Cost of goods said $975: Ending inventory $135