eBook Calculator Cornerstone Exercise 6-31 (Algorithmic) Inventory Costing Methods: Periodic LIFO (Appendix 6B) Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Units Sold at Retail Units Purchased at Cost 150 units @ $7 = $1,050 200 units @ $12 = $2,400 June 1 9 14 22 29 Description Beginning Inventory Purchase 1 Sale 1 Purchase 2 Sale 2 300 units @ $25 250 units @ $14 = $3,500 225 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 LIFO inventory costing method. Cost of goods sold $ 6,650 Cost of ending inventory $ 750 X