QUESTION 4 Hoover Company purchased two identical inventory items. The item purchased first cost $37.00. The item purchased second cost $41.25. Then Hoover sold one of the inventory items for $75. Based on this information, which of the following statements is true? The cost of goods sold is $37.00 if Hoover uses the LIFO cost flow method. The ending inventory is $41.25 if Hoover uses the LIFO cost flow method. The cost of goods sold is $41.25 if Hoover uses the FIFO cost flow method. The gross margin is $35.88 if Hoover uses the weighted-average cost flow method