Question 1 2 pts On June 1, Felix Company purchased 10 umbrellas for $5 each. On June 11, the company purchased additional 10 umbrellas for $7 each. On June 20, it sold 9 umbrellas for $20 each. If Felix is using the averaging method, what would be its ending inventory on June 20? O $55 0 $57 O $66 O $75 Question 2 2 pts Which of the following assumes that the most recent costs are transferred first from the inventory to cost of goods sold? O LIFO O FIFO O Specific identification O Weighted averaging Question 3 2 pts Purchases and revenue remain the same, regardless of the cost flow assumption applied. O True O False Question 4 2 pts Companies often offer purchase discounts to encourage quick payments. O True O False Question 5 2 pts Companies selling perishable goods like food and drugs are most likely to use the specific identification method for its inventory valuation. O True O False