eBook Calculator 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: Date Units Sold at Retail June 1 Description Beginning Inventory Purchase 1 Units Purchased at Cost 150 units @ $10 = $1,500 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 W 250 units @ $17 = $4,250 29 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 ventory using FIFO inventory costing method. Cost of goods sold $ 7,050 X Cost of ending inventory $ 1,350