Question 7 (1 point) Listen Which of the following statements about FIFO is true? a) Under FIFO, a schedule is used to track the different costs of purchased inventory. Ob) Cost of goods sold is calculated using the costs of the earliest purchased inventory. Oc) The value of merchandise inventory is made up of the costs of the most recently purchased inventory. Od) All of the statements are correct Previous Page Next Page Page 7 of 20