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 June 1 Beginning Inventory 9 Purchase 1 Units Purchased at Cost 150 units @ $7 = $1,050 200 units @ $12 = $2,400 Units Sold at Retail 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 225 units @ $25 29 Sale 2 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. Cost of goods sold Cost of ending inventory