9 14 22 (Appendix 6B) Inventory Costing Methods: Periodic LIFO 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 Retall June 1 Beginning Inventory 150 units @ $10 = $1,500 Purchase 1 200 units @ $12 - $2,400 Sale 1 300 units @ $25 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 5,950 X Cost of ending inventory 850 X 29