1. The inventory that continually discloses the amount of inventory on hand is called specific identification weighted average periodic perpetual 2. Which method is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items? FIFO LIFO specific identification average cost 3. The inventory costing method that reports the most current prices in ending inventory is FIFO LIFO average cost specific identification 4. Damaged merchandise that can be sold only at prices below cost should be valued at average cost net realizable value LIFO FIFO 5. Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is $800 $650 $750 $700