Click here to watch the LIFO Method video and then answer the questions included below. 1. Which of the following inventory costing method is based on the assumption that the last unit of inventory available for sale is the first unit sold? a. Specific Identification b. FIFO C. LIFO d. Moving Average 2. A company purchases 20 units of inventory for $5.50 on January 5 and 25 units for $6.00 on January 25. It then sells a total of 30 units on January 31. If the company is following the LIFO method of inventory costing, what is the total cost of the inventory sold? a. $170 b. $172.50 C. $173.50 d. $177.50