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uestion 1 1 points The costs of goods purchased will be different under the different inventory methods of specific identification, FIFO, LIFO, and weighted average True False Question 2 A company had the following purchases during its first year of operations: Sales January March May Purchases 8 units at $ 30 per unit 10 units at $38 per unit 16 units Using the perpetual FIFO inventory costing method, what is the cost of goods sold? O $ 850 O $ 420 O S 300 O S 544 Question 3 The best method of assigning costs to both inventory and cost of goods sold is FIFO. O True O False The FIFO inventory method assumes that costs for the latest units purchased are the first to be charged to the cost of goods sold True False Question 5 Weighted average dose not yield net income results between FIFO and LIFO. O True O False