(Appendix 6B) Inventory Costing Methods: Periodic FIFO 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 14 Sale 1 300 units $25 22 Purchase 2 250 units @ $15 = $3,750 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 13,125 x Cost of ending inventory 1,000 x 29 Feedback Check My Work For cost of goods sold using the FIFO inventory costing method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period. Step 2: Apply the Inventory costing method recognizing that under FIFO, the earliest purchasen (first in) are assumed to be the first sold (the first out) Check My Work 2 more Check My Work uses remaining