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Maxwell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the
Maxwell 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: What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Cost of goods sold $1, 020; Ending inventory $160 Cost of goods sold $1, 095; Ending inventory $210 Cost of goods sold $935; Ending inventory $240 Cost of goods sold $995; Ending inventory $180
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