Calculator Cornerstone Exercise 6-31 (Algorithmic) Inventory Costing Methods: Periodic LIFO (Appendix 6B) 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 $8 = $1,200 9 Purchase 1 200 units $12 - $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 - $3,500 Sale 2 225 units @ $25 29 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 6,350 Cost of ending inventory 750