Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Sales Sale Price 18,500 units 27 Number of Date Units Unit Cost Total Cost Beginning March 12 4,100 10.30 $ 42,230 5,300 10.20 54,060 June 5 4,000 10.10 40,400 October 22 Totals 9,200 9.90 91,080 22,600 $227,770 Required: 1. Use your spreadsheet to recalculate the Cost of Goods Sold, Inventory balances, and Gross Profit under each method and enter your results below: (Round your answers to the nearest whole dollar amount.) FIFO LIFO Weighted Average Cost of Goods Sold Ending Inventory Gross Profit 2. Which statement is true regarding the purpose of using absolute cell referencing in your spreadsheet? An absolute cell reference contains a dollar sign ($) in the row or column coordinate (or both) to indicate the result is a currency value. You can use an absolute reference to keep a row and/or column constant. 3. Which statement below is true regarding the application of the three inventory costing methoods? FIFO results in a lower gross profit when inventory costs are rising. O LIFO results in a lower gross profit when inventory costs are rising. Weighted Average results in a lower gross profit when inventory costs are rising. 4. Companies can choose the most appropriate inventory costing method for their business (FIFO, LIFO, and weighted-average cost) for internal (management) reporting, but not for external and tax reporting. True O False