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 ChoiceOOOOThe 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.

The question is based on the concept of Cost Accounting. The valuation of the inventory is based in…

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.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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