Business, 04.04.2020 03:44 Jasten

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 unitJanuary 1 Beginning inventory 140 $4June 2 Purchase 80 $3November 5 Sales 160 What amounts would be reported as the cost of goods sold and ending inventory balances for the year?A. Cost of goods sold $640; Ending inventory $140B. Cost of goods sold $700; Ending inventory $210C. Cost of goods sold $560; Ending inventory $240D. Cost of goods sold $620; Ending inventory $180

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Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company...