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 59 = $1,350 Purchase 1 200 units $12 = $2,400 Sale 1 300 units $25 22 Purchase 2 250 units a $14 = $3,500 29 Sale 2 225 units O $25 9 14 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 Cost of ending Inventory