The Following Information Relates to Inventory for Shoeless Joe Inc

question 80

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 ending inventory using FIFO cost flow assumptions?

• A)$55.
• B)$170.
• C)$110.
• D)$70.

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Definitions:

Scientific Management

A theory of management that analyzes and synthesizes workflows, aiming to improve economic efficiency, especially labor productivity, by systematic study of work methods.

Labor Force

All the members of a particular organization or population who are able to work, viewed collectively.

Conflict

A situation where opposing ideas, interests, or individuals compete, leading to disagreements or disputes within a group or organization.

Differential Piece-rate

A wage system where employees are paid based on the quantity of work produced, with rates changing at specific production thresholds to incentivize higher output.