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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 $2.25 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 $2.50 per yard on June 19; on June 27, 6 more yards were sold. No inventory was on hand at the beginning of the month. What is the cost of merchandise sold and cost of ending inventory under the FIFO method for June?

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Accounting Basics, Accounting

Category:- Accounting Basics
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