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	160	$	6
June 2	Purchase	90	$	5
November 5	Sales	170

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

Multiple Choice

a. Cost of goods sold $1,070; Ending inventory $440

b. Cost of goods sold $1,020; Ending inventory $140

c. Cost of goods sold $1,010; Ending inventory $400

d. Cost of goods sold $930; Ending inventory $480