The Following Information Relates to Inventory for Shoeless Joe Inc

question 112

Multiple Choice

The following information relates to inventory for Shoeless Joe Inc.At what amount would Shoeless report gross profit using LIFO 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)$105.
• B)$80.
• C)$175.

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Definitions:

Accounts Receivable

Funds owed to a business for goods or services provided to customers.

Accounts Receivable

The outstanding invoices a company has or the money clients owe the company for goods or services already delivered or performed.

Future Date

A specified day in the future that is significant for an event, deadline, or appointment.

Intangible Property

Assets that cannot be physically touched, such as intellectual property, brand recognition, and copyrights.