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2 DUVVU Chap. 6 - Reporting and Analyzing Inventory 1. What are the cost flow assumptions and why are they needed? 2. Describe the methods of costing inventory: FIFO, LIFO, and average cost. 3. What is the lower of cost or market rule? 4. What is the just-in-time inventory method? 5. A company purchased 300 units for $25 each on January 1 and purchased 400 units for S28 each on June 1. Which unit cost is used to calculate cost of goods sold for 100 units under FIFO and LIFO methods