1. The following information relates to inventory for Shoeless Joe Inc.

   Date		Quantity	Price
   March 1	Beginning Inventory	20	$2
   March 7	Purchase	15	3
   March 11	Sale	25	7
   March 12	Purchase	20	4

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

   		$70.
   		$55.
   		$170.
   		$110.