Question 8 (1 point) Which of the following does NOT correctly describe the FIFO cost formula? This method assumes that the oldest inventory costs are the first costs recorded for a) cost of goods sold. This method assumes that most current inventory costs are the first costs recorded for b) cost of goods sold. c) This method approximates the physical flow of most types of goods. d) This method is permitted under both ASPE and IFRS. Question 9 (1 point) Lower of cost and net realizable value a) is most conservative if applied to the total inventory. b) is most conservative if applied to major categories of inventory. c is most conservative if applied to individual items of inventory. d)must be applied to major categories for income tax purposes