Business, 14.03.2020 01:28, soccerjessie6846
Hoover Company purchased two identical inventory items. The item purchased first cost $39.50. The item purchased second cost $43.75. Then Hoover sold one of the inventory items for $70. Based on this information:
a. the amount of ending inventory is $43.75 if Hoover uses the LIFO cost flow method.
b. the amount of gross margin is $28.38 if Hoover uses the weighted average cost flow method.
c. the amount of cost of goods sold is $43.75 if Hoover uses the FIFO cost flow method.
d. the amount of cost of goods sold is $39.50 if Hoover uses the LIFO cost flow method.
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