Accounting Practice Problems Periodic Inventory - FIFO, LIFO, and Average Cost Practice Problems Solution: Maxell Company uses the FIFO method to value inven...

Solution: Maxell Company uses the FIFO method to value inventory and had the following transactions in the period. What are Maxell’s cost of goods sold and ending inventory balance in dollars for the period? a. COGS - $625; Ending Inventory - $175 b. COGS - $575; Ending Inventory -  $225 c. COGS - $550; Ending Inventory - $250 d. COGS - $600; Ending Inventory - $200 e. None of the above is correct.

Problem

Maxell Company uses the FIFO method to value inventory and had the following transactions in the period.

What are Maxell’s cost of goods sold and ending inventory balance in dollars for the period?

a. COGS - $625; Ending Inventory - $175

b. COGS - $575; Ending Inventory -  $225

c. COGS - $550; Ending Inventory - $250

d. COGS - $600; Ending Inventory - $200

e. None of the above is correct.