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Inventory Costing: LIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased

Inventory Costing: LIFO

Bordeaux Company has the following information related to purchases and sales of one of its inventory items:

Date DescriptionUnits Purchased at CostUnits Sold at Retail
June 1 Beginning Inventory150 units @ $10 = $1,500 
9 Purchase 1200 units @ $12 = $2,400 
14 Sale 1 300 units @ $25
22 Purchase 2250 units @ $14 = $3,500 
29 Sale 2 225 units @ $25

Assume that Bordeaux uses a perpetual inventory system.

Required:

Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.

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