Questions 1. Choose the item that most accurately and completely describes how a weighted average unit cost is "weighted". a) Based on the number of times units were purchased during the period b) Based on the number of times units were sold during the period c) Based on the number of units purchased at each unit cost d) Based on the number of units sold at each unit cost e) Based on the number of different unit costs that existed during the period 2. A business sells the same number of units each period and maintains the same number of units in inventory at the end of any given period. This period, the business has experienced rising costs but no increase in the book value of ending inventory. Choose the item that is TRUE regarding this situation. a) The business uses LIFO b) The business uses FIFO c) The business uses weighted average. d) It is not possible for such a situation to exist