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, 11 more yards had been sold. What is the value of inventory as of June 30 under the LIFO method?
a. $25.00
b. $31.25
c. $30.00
d. $35.00
c
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