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(Appendix 6B) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date

(Appendix 6B) Inventory Costing Methods: Periodic FIFO

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 @ $10 = $1,500
9 Purchase 1 200 units @ $12 = $2,400
14 Sale 1 300 units @ $25
22 Purchase 2 250 units @ $17 = $4,250
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 FIFO inventory costing method.

Cost of goods sold $fill in the blank 1
Cost of ending inventory $fill in the blank 2

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