Maxell Company uses the FIFO method to assign costs to inven…
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 Description Number of units Cost per unit January 1 Beginning inventory 100 $ 5 June 2 Purchase 75 $ 4 November 5 Sales 125 What amounts would be reported as the cost of goods sold and ending inventory balances for the year?