Question 3 (1 point) Under a periodic inventory system, a physical inventory is taken to determine the cost of the inventory on hand and the cost of the merchandise sold. 1) True 2) False Question 4 (1 point) The two most widely used methods of determining the cost of inventory are O 1) FIFO and LIFO 2) FIFO and average cost 3) LIFO and average cost 4) gross profit and average cost MacBook Air F2 20 F3 000 DOO F4 1: F5 F6 F7 F8 F9