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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

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 Description # of units Cost per unit
January 1 Beginning inventory 280 $ 6
June 2 Purchase 75 $ 5
November 5 Sales 305

What amounts would be reported as the cost of goods sold and ending inventory balances for the year?

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