Hoover Company purchased two identical inventory items. The item purchased first cost $36.50. The item purchased second cost $40.25. Then Hoover sold one of the inventory items for $70. Based on this information, which of the following statements is true?

The gross margin is $31.62 if Hoover uses the weighted-average cost flow method.

The cost of goods sold is $36.50 if Hoover uses the LIFO cost flow method.

The ending inventory is $40.25 if Hoover uses the LIFO cost flow method.

The cost of goods sold is $40.25 if Hoover uses the FIFO cost flow method