Cornerstone Exercise 6-27 (Algorithmic) (Appendix) Inventory Costing Methods: Periodic FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Description Units Purchased at Cost Units Sold at Retail Date June 1 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Beginning Inventory Purchase 1 Sale 1 Purchase 2 Sale 2 300 units @ $25 250 units @ $18 = $4,500 225 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 FIFO inventory costing method. Cost of goods sold Cost of ending inventory