The following information relates to inventory for Shoeless Joe Inc. 

 

At what amount would Shoeless report ending inventory using FIFO cost flow assumptions? 

Multiple Choice

 $55. 

$170. 

$110.

Transcribed Image Text:

Date March 1 Beginning Inventory March 7 Purchase March 11 Sale March 12 Purchase Quantity Price 20 $2 15 25 20 3 7 Date March 1 Beginning Inventory March 7 Purchase March 11 Sale March 12 Purchase Quantity Price 20 $2 15 25 20 3 7

Answer rating: 100% (QA)

FIFO Method Date PURCHASED ISSUED BALANCED Quant... View the full answer