Click to watch the Tell Me More Learning Objective 2 video and then answer the questions below. 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