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 Cost per unit $6 $5 of units 190 80 200 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $1,200; Ending inventory $130 Cost of goods sold $1,120; Ending inventory $420 Cost of goods sold $1,250; Ending inventory $385 Cost of goods sold $1,190; Ending inventory $350