Cornerstone Exercise 6-23 (Algorithmic) Inventory Costing: LIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Units Sold at Retail Units Purchased at Cost 150 units O $11 = $1,650 Date Description June 1 Beginning Inventory 9 Purchase 1 14 Sale 1 300 units @ $25 250 units $14 = $3,500 29 Sale 2 225 units @ $25 Assume that Bordeaux Company uses a perpetual 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 5 6 ,725 X Cost of ending inventory $ 825 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 For cost of ending inventory using the LIFO inventory costing method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period Stan 2 Annt the Inventornin mother arrin in that interlin the earliest nurhace ninet nere are aliratori in an inn imani