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(Appendix 6B) Inventory Costing Methods: Periodic LIFO

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

9

Purchase 1

200 units @ $12 = $2,400

14

Sale 1

300 units @ $25

22

Purchase 2

250 units @ $14 = $3,500

29

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 LIFO inventory costing method.

(Appendix 6B) Inventory Costing Methods: Periodic UFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Assume that Bordeaux 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 Cost of ending inventory \&