The Following Information Relates to Inventory for Shoeless Joe Inc

question 142

Multiple Choice

The following information relates to inventory for Shoeless Joe Inc.
$$\begin{array} { l l c c } \text { Date } & & \text { Quantity } & \text { Price } \\\text { March 1 } & \text { Beginning Inventory } & 20 & \$ 2 \\\text { March 7 } & \text { Purchase } & 15 & 3 \\\text { March 11 } & \text { Sale } & 25 & 7 \\\text { March 12 } & \text { Purchase } & 20 & 4\end{array}$$
At what amount would Shoeless report gross profit using LIFO cost flow assumptions?

• A)$105.
• B)$80.
• C)$175.
• D)$120.