Reference no: EM132804644

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 unit      Cost per unit
January 1                       Beginning inventory     160          $6
June 2                               Purchase                90                    $5
November 5                          Sales                     170

Problem 1: What amounts would be reported as the cost of goods sold and ending inventory balances for the year?