Cornerstone Exercise 6-22 (Algorithmic) Inventory Costing: 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 @ $8 = $1,200
9	Purchase 1	200 units @ $12 = $2,400
14	Sale 1		300 units @ $25
22	Purchase 2	250 units @ $14 = $3,500
29	Sale 2		225 units @ $25

Assume that Filimonov uses a perpetual inventory system.

Required:

Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.