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Poole Company purchased two identical inventory items. One of the items, purchased in January, cost...

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Poole Company purchased two identical inventory items. One of the items, purchased in January, cost $32. The other, purchased in February, cost $40. One of the items was sold in March at a selling price of $100. Poole uses LIFO. Which of the following statements is true? Multiple Choice The balance in ending inventory would be $40. The amount of gross margin would be $60. The amount of ending inventory would be $36. O o The amount of cost of goods sold would be $32

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