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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 gross margin is $28.00 If Hoover uses the weighted-average cost flow method. The cost of goods sold is $33.00 If Hoover uses the LIFO cost flow method.

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 gross margin is $28.00 If Hoover uses the weighted-average cost flow method. The cost of goods sold is $33.00 If Hoover uses the LIFO cost flow method.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 O O OO The ending inventory is $35.00 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 $33.00 if Hoover uses the LIFO cost flow method. The cost of goods sold is $35.00 If Hoover uses the FIFO cost flow method.
Transcribed Image Text: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 O O OO The ending inventory is $35.00 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 $33.00 if Hoover uses the LIFO cost flow method. The cost of goods sold is $35.00 If Hoover uses the FIFO cost flow method.
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