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.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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Question 3
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf3d27b8-9870-4dd6-91a1-e79db3e1a9b0%2Fcf53d227-090d-4e68-a4bd-703bae2f968c%2Fv2iog6e_processed.png&w=3840&q=75)
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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