Under the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid, a new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5, on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $1.00 per yard on June 19; on June 27, 6 more yards had been sold. What is the value of inventory as of June 30 under the FIFO method? and also I need to figure out this: Under the periodic inventory system, Village Fabrics purchases navy plaid fabric used in its fabric-selling business in the following lots: June 5 - 4 yards at $2.50 per yard, June 12 - 7 yards at $3.00 per yard, June 17 - 8 yards at $3.50 per yard. What is the periodic average cost of the fabric per yard?
Under the perpetual inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a cost of $2.00 per yard on June 1; on June 3, 22 yards were sold of the blue plaid, a new shipment came in with 25 more yards at a cost of $1.25 per yard on June 5, on June 15, 17 yards of the blue plaid fabric were sold; Village Fabrics purchased another 25-yard bolt at a cost of $1.00 per yard on June 19; on June 27, 6 more yards had been sold. What is the value of inventory as of June 30 under the FIFO method?
and also I need to figure out this:
Under the periodic inventory system, Village Fabrics purchases navy plaid fabric used in its fabric-selling business in the following lots: June 5 - 4 yards at $2.50 per yard, June 12 - 7 yards at $3.00 per yard, June 17 - 8 yards at $3.50 per yard. What is the periodic average cost of the fabric per yard?
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