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 # of units January 1 Description Beginning inventory Purchase 240 Cost per unit $5 $4 June 2 90 November 5 Sales 260 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 $170 O Cost of goods sold $1,380; Ending inventory $315 Cost of goods sold $1,210: Ending inventory $350 Cost of goods sold $1,280; Ending inventory $280