Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. 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.) 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. 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 appropriote inventory costing method for their business (FFFO, LiFO, and weighted-average cosv for internal (management) reporting, but not for external and tax reporting. True Faise