During November 2012,Hall Company Purchased Two Identical Inventory Items

question 16

Multiple Choice

During November 2012,Hall Company purchased two identical inventory items.The item purchased first cost $12.00,and the item purchased second cost $15.00.Hall sold one of the inventory items for $20.00.Based on this information

• A) the amount of gross margin would be $5.00 if Hall uses the weighted average cost flow method.
• B) the amount of cost of goods sold would be $12.00 if Hall uses the weighted average cost flow method.
• C) the amount of gross margin will be $5.00 if Hall uses the FIFO cost flow method.
• D) the amount of ending inventory will be $12.00 if Hall uses the LIFO cost flow method.

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