1. Under FIFO inventory cost flow assumption, the cost of the most recent purchase matches first with sales revenues. * A) True O B) False 2. The account Inventory will appear on the balance sheet as a current asset at an amount that often reflects the cost of the merchandise on hand. * A) True B) False 3. The distribution of the company's capital structure between debt and equity can be revealed by examining the common size balance sheet. * O A) True OB) False