Hoover Company purchased two identical inventory items. The item purchased first cost $33.00. The item purchased second cost $35.00. Then Hoover sold one of the inventory items for $62.00. Based on this information, which of the following statements is true? Multiple Choice The ending inventory is $35.00 if Hoover uses the LIFO cost flow method. Th

Question

Hoover Company purchased two identical inventory items. The item purchased first cost

$33.00

. The item purchased second cost

$35.00

. Then Hoover sold one of the inventory items for

$62.00

. Based on this information, which of the following statements is true? Multiple Choice The ending inventory is

$35.00

if Hoover uses the LIFO cost flow method. The cost of goods sold is

$33.00

if Hoover uses the LIFO cost flow method. The gross margin is

$28.00

if Hoover uses the weighted-average cost flow method. The cost of goods sold is

$35.00

if Hoover uses the FIFO cost flow method.

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