Click to watch the Tell Me More Learning Objective 1 video and then answer the questions below. 1. Which of the following documents is often used for inventory control? a. Vendor's invoice b. Receiving report c. Purchase order d. All of these choices are correct. 2. With a perpetual inventory system, when should a physical count of inventory be taken? a. Near year-end b. Mid-year c. Never; a physical count is not needed with a perpetual inventory system d. None of these choices are correct. Check My Work 2 more Check My Work uses remaining o IT 1. Which cost flow assumption assumes that the first units purchased are the first units sold? a. LIFO b. FIFO c. Specific identification d. Weighted average cost 2. Which cost flow assumption assumes that the last units purchased are the first units sold? a. LIFO b. FIFO c. Specific identification d. Weighted average cost Click to watch the Tell Me More Learning Objective video and the answer the questions below 1. When the weighted average cost method is used in a perpetual inventory system, a weighted average unit cost for each items.com 3. each time a sale is made b. at the end of the year c. at the beginning of each month d. each time a purchase is made 2. Jacobs Company had inventory of 15 units at a cost of $12 each on June 1. On June 5.acobs purchased 10 units 513 perunt. One 17. 2014 p. On June 17, it sold 30 units. Using FIFO, what is the value of the inventory at June 17 after the sale? a. $140 b. $160 CA $210 d. $380 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta are as follows: Oct. 1 Inventory 175 units at $30 7 Sale 155 units 15 Purchase 200 units at $33 24 140 units Sale Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 29 and (b) the neary on October 31 a. Cost of goods sold on October 24 b. Inventory on October 31