Cornerstone Exercise 6-22 (Algorithmic) Inventory Costing: FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Units Sold Description Units Purchased at Cost at Retail 150 units @ $7 = $1,050 June 1 Beginning Inventory 200 units @ $12 = $2,400 9 Purchase 1 14 Sale 1 300 units @ $25 250 units @ $14 = $3,500 22 Purchase 2 225 units @ $25 29 Sale 2 Assume that Bordeaux uses a perpetual 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 Cost of ending inventory