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	150	$5
June 2	Purchase	85	$4
November 5	Sales	165

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

Cost of goods sold $825; Ending inventory $145

Cost of goods sold $885; Ending inventory $315

Cost of goods sold $740; Ending inventory $350

Cost of goods sold $810; Ending inventory $280