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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 of units Cost per unit January 1 Beginning inventory June 2 Purchase November 5 Sales What amounts would be reported as the cost of goods sold and ending inventory balonces for the year? $5 150 85 165 Multiple Choice Cost of goods sold $740: Ending Inventory $350 Cost of goods sold $825. Ending inventory S145 Cost of goods sold $810 Ending Inventory $280 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $740; Ending Inventory $350 Cost of goods sold $825: Ending inventory $145 Cost of goods sold $810: Ending inventory $280 Cost of goods sold $885: Ending inventory $315