lowing concepts relates to the elimination or minimization of inventories by a 1. Which of the follo manufacturing firm? Quick response LO1 h Just-in-time c Just-in-case d Specific identification od assumes that the most recently purchased merchandise is sold first? a Specific identification h. Weighted-average cost c FIFO d. LIFO Which inventory costing method results in the highest-valued ending inventory during a period of rising unit costs? a. Specific identification L b. Weighted-average cost c. FIFO d. LIFO der which of the following freight terms does the seller retain ownership of the shipped goods? a. FO.B. shipping point b. F.O.B. destination 5. When should ending inventory be written down below its acquisition cost on the balance sheet? When units are damaged, physically deteriorated, or obsolete. b. a. When the inventory's replacement cost exceeds its acquisition cost. When the inventory's replacement cost is below its acquisition cost. d. c. Both a and c. . Which inventory costing method results in the highest net income during a period of rising unit prices? a. Specific identification b. Weighted-average cost C. FIFO d. LIFO