(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. Cost of goods sold 6,300 x Cost of ending inventory 1,100 X 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 goods sold