(Appendix 6B) Inventory Costing Methods: Periodic LIFO 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 @ $11 = $1,650 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 225 units @ $25 29 Sale 2 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 tA 4100 X 4,400 X

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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(Appendix 6B) Inventory Costing Methods: Periodic LIFO
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 @ $11 = $1,650
9 Purchase 1
200 units @ $12 = $2,400
14 Sale 1
300 units @ $25
22 Purchase 2
250 units @ $14 = $3,500
225 units @ $25
29 Sale 2
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
tA
4100 X
4,400 X
Transcribed Image Text:(Appendix 6B) Inventory Costing Methods: Periodic LIFO 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 @ $11 = $1,650 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 225 units @ $25 29 Sale 2 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 tA 4100 X 4,400 X
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