2) Which of the following is a method for valuing inventory? (Points: 10) a. Last-In, First-Out (LIFO) b. First-In, First-Out (FIFO) c. First-Assigned, Second-Basis (FASB) d. Both (a) and (b) e. All of the above 3) LIFO (Points: 10) a. stands for last-in, first-out b. a method of inventory accounting c. will have an effect on both the balance sheet and income statement d. all the above 4) The ability of a business to pay off liabilities without disrupting business is termed (Points: 10) a. solidity b. liquidity c. feasibility d. elasticity