Cornerstone Exercise 6-30 (Algorithmic) Inventory Costing Methods: Periodic FIFO (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 Date Description June 1 Beginning Inventory 150 units @ $10 = $1,500 9 Purchase 1 200 units @ $12 = $2,400 300 units @ $25 14 Sale 1 22 Purchase 2 250 units @ $14 = $3,500 225 units @ $25 29 Sale 2 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 $ 6,475 X Cost of ending inventory $ 1,050