Maxell Company uses a periodic inventory system and the FIFO inventory costing method to assign costs to inventory and cost of goods sold. Given the following information, what should be reported as the cost of goods sold and ending inventory balances for the period? Date Transaction of units Cost per unit January 1 Beginning balance 100 $5 January 2 Purchase 75 $4 January 5 Sale 75 January 6 Sale 50 Group of answer choices COGS = $600, ending inventory = $200 COGS = $575, ending inventory = $225 COGS