9 14 (Appendix 68) Inventory Costing Methods: Periodic LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units $10 = $1,500 Purchase 1 200 units $12 = $2,400 Sale 1 300 units @ $25 Purchase 2 250 units $14 - $3,500 Sale 2 225 units $25 Assume that Filimonov uses a periodic Inventory system. Required: Calculate the cost of goods sold and the cost of ending Inventory using the LIFO Inventory costing method. Cost of goods sold Cost of ending Inventory 22 29