Weiss Company purchased two identical inventory items. The first purchase cost $30 and the second cost $32.

Question:

Weiss Company purchased two identical inventory items. The first purchase cost $30 and the second cost $32. When the Company sold one of the items for $40, it expensed $30 to its cost of goods sold account. Based on this information which of the following cost flow methods is the company using?
a) FIFO
b) LIFO
c) Weighted average
d) NIFO