Minute Inc. 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 January 1 Beginning inventory June 2 Purchase November 5 Sales % of units 100 Cost per unit $ 5 75 $ 4 125 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? A Cost of goods sold $550; Ending inventory $250 B) Cost of goods sold $755; Ending inventory $225 Cost of goods sold $600; Ending inventory $200 D Cost of goods sold $625; Ending inventory $175