TB MC Qu. 7-63 (Algo) Maxell Company uses the FIFO method to... 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 # of units Cost per unit Beginning inventory 180 $ 5 Purchase 75 $ 4 Sales 195 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice - cold $1.035: Ending inventory $270