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

Question

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

Quizplus · Accepted Answer

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

The Following Information Relates to Inventory for Shoeless Joe Inc