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

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: DateDescription# of unitsCost per unitJanuary 1Beginning inventory150$5June 2Purchase85$4November 5Sales165What amounts would be reported as the cost of goods sold and ending inventory balances for the year?Cost of goods sold $825; Ending inventory $145Cost of goods sold $885; Ending inventory $315Cost of goods sold $740; Ending inventory $350Cost of goods sold $810; Ending inventory $280

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: DateDescription# of unitsCost per unitJanuary 1Beginning inventory150$5June 2Purchase85$4November 5Sales165What amounts would be reported as the cost of goods sold and ending inventory balances for the year?Cost of goods sold $825; Ending inventory $145Cost of goods sold $885; Ending inventory $315Cost of goods sold $740; Ending inventory $350Cost of goods sold $810; Ending inventory $280

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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: DateDescription# of unitsCost per unitJanuary 1Beginning inventory150$5June 2Purchase85$4November 5Sales165What amounts would be reported as the cost of goods sold and ending inventory balances for the year?Cost of goods sold $825; Ending inventory $145Cost of goods sold $885; Ending inventory $315Cost of goods sold $740; Ending inventory $350Cost of goods sold $810; Ending inventory $280

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: DateDescription# of unitsCost per unitJanuary 1Beginning inventory150$5June 2Purchase85$4November 5Sales165What amounts would be reported as the cost of goods sold and ending inventory balances for the year?Cost of goods sold $825; Ending inventory $145Cost of goods sold $885; Ending inventory $315Cost of goods sold $740; Ending inventory $350Cost of goods sold $810; Ending inventory $280