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 Purchase Sales # of units 290 80 310 Cost per unit $4 $3 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 $210 Cost of goods sold $1,220; Ending inventory $180 Cost of goods sold $1,240; Ending inventory $140 O Cost of goods sold $1,160; Ending inventory $240