The following information relates to inventory for Shoeless Joe Inc. 
At what amount would Shoeless report gross profit using LIFO cost flow assumptions?
Definitions:
Par Common Stock
The nominal or face value of common stock as stated in the corporate charter, which is the minimum amount that must be paid by investors for each share.
Preferred Stock
A type of stock that provides dividends before common stockholders and has priority over common stock in the event of liquidation.
Par Value
A nominal value assigned to a share of stock in the charter of the corporation, often used to determine legal capital.
Shares
Units of ownership interest in a corporation or financial asset, giving the shareholder a proportion of the company's profits.
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