18. Physical counts of inventory: A) Are not necessary under the perpetual system B) Are necessary to adjust the Inventory account to the actual inventory available C) Must be taken at least once a month D) Requires the use of hand-held portable computers E) Are not necessary under the cost-to benefit constraint 19. The inventory valuation method that provides that the latest units purchased are the first to be reported as cost of goods sold: A) FIFO B) Weighted average C) LIFO D) Specific identification E) WIFO 20. The inventory valuation method that identifies each item in ending inventory with a specific purchase and invoice is the: A) Weighted average inventory method B) First-in, first-out method C) Last-in, first-out method D) Specific identification method E) Retail inventory method