Click here to watch the Tell Me More 6.6 video and then answer the questions included below. 1. of the three widely used inventory costing methods (FIFO, LIFO, and weighted Average), the FIFO method of costing inventory is based on the assumption that costs are charged against revenues in the order in which they were incurred. Tue for an item for November are as follows: False 25 units at $20 each 30 units at $21 each 10 Purchase 30 Purchase 10 units at $22 each Sale 35 units Using the first-in, first-out method, what is the cost of the merchandise inventory recorded on November 307 a. $640 b. $605 c. $630 d. 5660 Click here to watch the Tell Me More 6.6 video and then answer the questions induded below. 1. Of the three widely used inventory costing methods (FIFO, LIFO, and weighted Average), the FIFO method of costing inventory is based on the assumption that costs are charged against revenues in the order in which they were incurred. 2. The inventory data for an item for November are as follows: Nov. 1 Inventory 25 units at $20 each 10 Purchase 30 units at $21 each 30 Purchase 10 units at $22 each Sale 35 units Using the first-in, first-out method, what is the cost of the merchandise inventory recorded on November 302 a. $640 b. $605 c. $630 d. $660