Question
During November 2014, Hall Company purchased two identical inventory items. The item purchased first cost $12.00, and the item purchased second cost $15.00. Hall sold
During November 2014, 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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