Blake Company purchased two identical inventory items. The item purchased first cost $18.00, and the item purchased second cost $19.00. Blake sold one of the items for $32.00. Which of the following statements is true?

Multiple Choice

• The dollar amount assigned to ending inventory will be the same no matter which cost flow method is used.
• Ending inventory will be lower if Blake uses weighted average than if FIFO were used.
• Cost of goods sold will be higher if Blake uses FIFO than if weighted average were used.
• Gross margin will be higher if Blake uses LIFO than it would be if FIFO were used.