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: Description Units Purchased at Cost Date June 1 9 14 Beginning Inventory Purchase 1 Sale 1 22 Purchase 2 29 Sale 2 150 units @ $10 = $1,500 200 units @ $12 = $2,400 250 units @ $14 = $3,500 Assume that Bordeaux uses a periodic inventory system. Units Sold at Retail 300 units @ $25 225 units @ $25 Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold Cost of ending inventory

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: 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