Answer this multi-part inventory knowledge question

a. Which of the following expenditures should not be included in the inventory account? - Expenses required to repair the purchased merchandise to make it ready for sale - Sales tax paid by the buyer - Freight out paid by the buyer - Custom fees paid by the buyer

b.Which of the following statements is true about inventory cost flows? - Compared to FIFO, LIFO always results in a lower COGS - Specific costing is cheapest of all costing methods - Inventory cost flow assumptions must map to the flow of actual inventory - Specific costing is possible even if the inventory does not come with a serial number from the factory