Haley Company Purchased Two Identical Inventory Items

Multiple Choice

Haley Company purchased two identical inventory items. The item purchased first cost $32.00. The item purchased second cost $35.00. Haley sold one of the inventory items for $60.00. Based on this information:

A) the amount of ending inventory is $32.00 if Haley uses the LIFO cost flow method.
B) the amount of gross margin is $26.50 if Haley uses the weighted average cost flow method.
C) the amount of cost of goods sold is $32.00 if Haley uses the FIFO cost flow method.
D) All of the above are correct.