Cornerstone Exercise 6-31 (Algorithmic) Inventory Costing Methods: Periodic LIFO (Appendix 6B) 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 @ $6 = $900 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units $25 22 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 6,150 x 29