. 14 Cornerstone Exercise 6-30 (Algorithmic) Inventory Costing Methods: Periodic FIFO (Appendix 68) Bordeaux Company 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 June 1 Beginning Inventory 150 units a $10 - $1,500 9 Purchase 1 200 units @ $12 - $2,400 Sale 1 300 units $25 22 Purchase 2 250 units $17 - $4,250 Sale 2 225 units $25 Assume that Bordeaux 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 7,050 x Cost of ending inventory 1,350 X 29 Feedback Od My Wor For cost of goods sold using the FIFO inventory conting method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period Step 2 Apply the inventory costing method recognizing that under FIFO, the earliest purchases (fest in) are assumed to be the first sold the test our For cost of ending inventory using the FIFO inventory costing method apply the following steps: Step 1: Calculate the cost of goods available for sale for the period Step 2. Apply the inventory couting method recognizing that under FIFO, the more recent purchases weinending Inventory