Click here to watch the Tell Me More 6.7 and 6.8 video and then answer the questions included below. 1. During a period of inflation, the value of inventory that appears on the balance sheet using FIFO method will be the same as its current replacement cost. True 2. During a period of consistently rising prices, the method of inventory costing method that will result in reporting the greatest cost of merchandise sold is a. FIFO. b. Weighted Average. C. LIFO. d. Specific Identification. bx 3. "Market," as used in the phrase "lower-of-cost-or-market," for valuing inventory, refers to the price at which the inventory is being offered for sale by its owner. True X 4. If the cost of an item of inventory is $60 and its net realizable value is $65, the amount included in inventory according to the lower-of-cost-or market method is a. $5. b. $60. C. $65. d. $125. b Feedback Check My Work Partially correct