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	100	$5
June 2	Purchase	75	$4
November 5	Sales	125

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

	a.	Cost of goods sold $625; Ending inventory $175
	b.	Cost of goods sold $755; Ending inventory $225
	c.	Cost of goods sold $550; Ending inventory $250
	d.	Cost of goods sold $600; Ending inventory $200