Week 5 Quiz.docx - Week 5 Quiz CH7 QUESTION 1 1 Under the...

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Week 5 Quiz.docx

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Week 5 Quiz CH7QUESTION 11.Under the periodic 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 LIFO method?a.$56.25b.$31.25c.$60.00d.$50.002 points
QUESTION 21.Which statement about inventory costing methods is TRUE?
2 points

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