Inventory Costing: FIFO 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 = $2,400 300 units @ $25 250 units @ $14 = $3,500 225 units @ $25 14 Sale 1 22 Purchase 2 29 Sale 2 Assume that Bordeaux uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold 5,600 X Cost of ending inventory 1,050 V