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15. The following information relates to inventory for Shoeless Joe Inc. Date Quantity Price March 1 Beginning Inventory 20 M I need a thorough explanation with step by step if possible
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Answer #1

Date

Available for sale

Cost of goods sold

Ending Inventory

Description

Units

Unit cost

Total Cost

Units

Unit cost

Total Cost

Units

Unit Cost

Total Cost

March 1

Beginning

 20 2 40
March 7 Purchase 15 3 45 20 2 40
15 3 45
March 11 Sale 15 3 45
10 2 20 10 2 20
March 12 Purchase 20 4 80 10 2 20
20 4 80
$65 $100

Sales = 25 x 7 = $175

Gross profit = Sales - Cost of goods sold

= 175-65

= $110

Correct option is D.

Kindly comment if you need further assistance. Thanks‼!

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