Cornerstone Exercise 6-31 (Algorithmic) Inventory Costing Methods: Periodic LIFO (Appendix 6B) 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 @ $5 - $750 Purchase 1 200 units @ $12 = $2,400 9 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 Assume that Bordeaux uses a periodic inventory system 225 units @ $25 Required: Calculate the cost of goods sold and the cost of ending Inventory using the LIFO inventory costing method. Cost of goods sold 6,425 x Cost of ending inventory 45 Feedback Check My Work For cost of goods sold using the LIFO 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 costing method recognizing that under LIFO, the most recent purchases (newest costs) are allocated to cost of good For cost of ending inventory using the LIFO 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 costing method recognizing that under LIFO, the earliest purchases (oldest costs) are allocated to ending inventary