The following information relates to inventory for Shoeless Joe Inc.
Date Quantity Price
Mar Beginning Inventory 20 $ 2
March 7 Purchase 15 3
Mar Sale 25 7
Mar2 Purchase 20 4
At what amount would Shoeless report gross profit using LIFO cost flow assumptions?
A) $105.
B) $80.
C) $175.
D) $120.
Answer: B
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