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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 January 1 June 2 November 5 Description Beginning inventory Purchase Sales # of units cost per unit 290 $ 4 80 $ 3 310 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $1,240; Ending Inventory $140 Cost of goods sold $1,300; Ending inventory $210 Cost of goods sold $1160; Ending inventory $240 Cost of goods sold $1,220: Ending inventory $180