Cornerstone Exercise 6-23 Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Description Units Purchased at Cost Units Sold at Retail Date June 1 Beginning Inventory 200 units @ $10 = $2,000 9 Purchase 1 300 units @ $12 = $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 225 units @ $25 29 Sale 2 Assume that the company uses a perpetual 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 7,850 x Cost of ending inventory 1,425 x