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:

5 MC Qu. 7-63 Maxell Company uses the FIFO method to.. 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: # of units 240 90 260 Cost per unit Date January 1 Description Beginning inventory Purchase Sales ts $4 November 5 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $1,300; Ending inventory $170 Cost of goods sold $1,380; Ending inventory $315 Cost of goods sold $1,210; Ending inventory $350 Cost of goods sold $1.280; Ending inventory $280