Hoover Company purchased two identical inventory items. The item purchased first cost $44.50. The item purchased second cost $50.00. Then Hoover sold one of the inventory items for $65. Based on this information, which of the following statements is true? Multiple Choice The cost of goods sold is $44.50 if Hoover uses the LIFO cost flow method. The ending inventory is $50.00 if Hoover uses the LIFO cost flow method. The gross margin is $17.75 if Hoover uses the weighted-average cost flow method. The cost of goods sold is $50.00 if Hoover uses the FIFO cost flow method.