$($Appendix $6$B$)$ 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 @ $$7=$ $$1,050$

$9$ Purchase $1200$ units @ $$12=$ $$2,400$

$14$ Sale $1300$ units @ $$25$

$22$ Purchase $2250$ units @ $$14=$ $$3,500$

$29$ Sale $2225$ 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 $fill in the blank $1$

Cost of ending inventory $