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June 1 9 14 (Appendix 6B) Inventory Costing Methods: Periodic FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail Beginning inventory 150 units @ $10 = $1,500 Purchase 1 200 units @ $12 = $2,400 Sale 1 300 units @ $25 Purchase 2 250 units @ $15 = $3,750 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 inventory using the FIFO Inventory costing method. Cost of goods sold 7,650 X Cost of ending inventory 975 x 22