Cornerstone Exercise 6-31 Inventory Costing Methods: Periodic LIFO (Appendix 6B) Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Units Purchased at Cost Units Sold at Retail 200 units @ $10 = $2,000 Date Description June 1 Beginning Inventory 9 Purchase 1 14 Sale 1 22 Purchase 2 300 units @ $12 = $3,600 400 units @ $25 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 Assume that the company 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 A Cost of ending inventory A Cornerstone Exercise 6-32 Inventory Costing Methods: Periodic Average Cost (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 200 units @ $10 = $2,000 300 units @ $12 = $3,600 9 Purchase 1 14 Sale 1 400 units @ $25 250 units @ $14 = $3,500 22 Purchase 2 29 Sale 2 225 units @ $25 Assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) Cost of goods sold . Cost of ending inventory