Hoover Company purchased two identical inventory items. The item purchased first cost $42.50. The item purchased second cost $47.25. Then Hoover sold one of the inventory items for $70. Based on this information, the amount of:

Multiple Choice

ending inventory is $47.25 if Hoover uses the LIFO cost flow method.

gross margin is $25.12 if Hoover uses the weighted average cost flow method.

cost of goods sold is $47.25 if Hoover uses the FIFO cost flow method.

cost of goods sold is $42.50 if Hoover uses the LIFO cost flow method.