Question 1 10 pts Your Company purchased two identical inventory items. The item purchased first cost $7.00 and the item purchased second cost $9.00. Your Corporation sold one of the items for $12.00. Which of the following statements is true? Ending inventory will be lower if weighted average is used rather than FIFO. Cost of goods sold will be higher if FIFO is used rather than weighted average. The dollar amount assigned to ending inventory will be the same no matter which cost flow method is used. Gross margin will be higher if LIFO is used rather than FIFO