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:
A)the amount of ending inventory is $35.00 if Hoover uses the LIFO cost flow method.
B)the amount of gross margin is $28.00 if Hoover uses the weighted average cost flow method.
C)the amount of cost of goods sold is $35.00 if Hoover uses the FIFO cost flow method.
D)the amount of cost of goods sold is $33.00 if Hoover uses the LIFO cost flow method.

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The Answer of 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:
A)the amount of ending inventory is $35.00 if Hoover uses the LIFO cost flow method.
B)the amount of gross margin is $28.00 if Hoover uses the weighted average cost flow method.
C)the amount of cost of goods sold is $35.00 if Hoover uses the FIFO cost flow method.
D)the amount of cost of goods sold is $33.00 if Hoover uses the LIFO cost flow method.

Hoover Company Purchased Two Identical Inventory Items