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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: Date Description # of units Cost per unit January 1 Beginning inventory 120 $5 June 2 Purchase 65 $4 November 5 Sales 135 What amounts would be reported as the cost of goods sold and ending inventory balances for the year?

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