Hoover Company Purchased Two Identical Inventory Items

question 116

Multiple Choice

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.

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Definitions:

Abstinent

The practice of refraining from the consumption of alcohol or other drugs, or more generally, from certain behaviors or practices.

Psychotherapy Technique

Methods and strategies used in talk therapy to treat mental health issues.

Motivational Interviewing

A counseling approach that seeks to engage a client's own motivation to change behavior, focusing on exploring and resolving ambivalence.

Brief Intervention

A short counseling or therapy session aimed at inducing change in behavior, commonly used for substance abuse or risky health behaviors.