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.