(Appendix 6B) Inventory Costing Methods: Periodic LIFO 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 @ $7= $1,050 Purchase 1 200 units @ $12 = $2,400 Sale 1 300 units @ $25 Purchase 2 250 units@ $14 = $3,500 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 LIFO inventory costing method. Cost of goods sold 8,700 X Cost of ending inventory 1,050 X June 1 9 14 22