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. Feedback Check My Work For cost of goods sold using the FIFO 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 FIFO, the earliest purchases (first in) are assumed to be the first sold (the first out). For cost of ending inventory using the FIFO 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 FIFO, the more recent purchases are in ending inventory