Hoover Company purchased two identical inventory items. The item purchased first cost $33.00. The item purchased...
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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: A. the amount of ending inventory is $35.00 if Hoover uses the LIFO cost flow method. B. the amount of gross margin is $28.00 if Hoover uses the weighted average cost flow method. C. the amount of cost of goods sold is $35.00 if Hoover uses the FIFO cost flow method. D. the amount of cost of goods sold is $33.00 if Hoover uses the LIFO cost flow method. Select one: A. Choice A B. Choice B C. Choice C D. Choice D 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: A. the amount of ending inventory is $35.00 if Hoover uses the LIFO cost flow method. B. the amount of gross margin is $28.00 if Hoover uses the weighted average cost flow method. C. the amount of cost of goods sold is $35.00 if Hoover uses the FIFO cost flow method. D. the amount of cost of goods sold is $33.00 if Hoover uses the LIFO cost flow method. Select one: A. Choice A B. Choice B C. Choice C D. Choice D
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Related Book For
Managerial economics
ISBN: 978-1118041581
7th edition
Authors: william f. samuelson stephen g. marks
Posted Date:
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