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 110 $4 Purchase 60 $3 Sales 130 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $520; Ending inventory $120