Mcghee Corp. 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 200 $4 June 2 Purchase 70 $3 November 5 Sales 240 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $960; Ending inventory $190 Cost of goods sold $1,080; Ending Inventory $105 Cost of goods sold $920; Ending inventory $90 Cost of goods sold $890; Ending inventory $120