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Weiss Company purchased two identical inventory items. The first purchase cost $ 3 0 and the second cost $ 3 2 . When the company

Weiss Company purchased two identical inventory items. The first purchase cost $

30

and the second cost $

32 .

When the company sold one of the items for $

40,

it expensed $

30

to its cost of goods sold account. Based on this information which of the following cost flow methods is the company using?

Multiple Choice

Weighted average

LIFO

FIFO

NIFO

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