1. Caps C0, a store that sells baseball hats, received a shipment of inventory. The purchuse price of inventory is $2,000, a bulk discount of 40$ off was received, the shipping charges were $200, and the import duties were $140. What is the total cost of inventory? 2. Give the meaning of the following when applied to inventory: (a) FIFO, and (b) cost. 3. If prices are falling, will the moving weighted average or the FIFO method of inventory valuation result in the lower cost of goods sold? 4. Where is merchandise inventory disclosed in the financial statements? 5. May a company change its inventory pricing method each accounting period