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7 May, 12:16

The following information related to inventory for Shoeless Joe Inc.

Date Quantity Price

March 1 Beginning Inventory 20 $2

March 7 Purchase 15 $3

March 11 Sale 30 $7

March 12 Purchase 15 $6

At what amount would Shoeless report cost of goods sold using average costing cost flow assumptions? (Round answer to nearest dollar)

A. $110

B. $73

C. $70

D. $105

E. None of the above

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Answers (1)
  1. 7 May, 12:25
    0
    The correct answer is A.

    Explanation:

    Giving the following information:

    The following information related to inventory for Shoeless Joe Inc.

    Date Quantity Price

    March 1 Beginning Inventory 20 $2

    March 7 Purchase 15 $3

    March 11 Sale 30 $7

    March 12 Purchase 15 $6

    Average cost = (2+3+6) / 3 = $3.67

    COGS = 3.67*30 = $110
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