(Appendix 6B) Inventory Costing Methods: Periodic FIFO 14 Sale 1 22 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 9 Purchase 1 200 units @ $12 - $2,400 300 units @ $25 Purchase 2 250 units @ $16 = $4,000 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 FIFO inventory costing method. Cost of goods sold Cost of ending inventory 29