Maxell Company Uses the FIFO Method to Assign Costs to Inventory

question 80

Multiple Choice

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:

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

• A) Cost of goods sold $625; Ending inventory $175
• B) Cost of goods sold $755; Ending inventory $225
• C) Cost of goods sold $550; Ending inventory $250
• D) Cost of goods sold $600; Ending inventory $200

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