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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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Answer:

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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