The Following Information Relates to Inventory for Shoeless Joe Inc

question 144

Multiple Choice

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

• A)$55.
• B)$170.
• C)$110.

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