Taking a physical count of inventory 1) is not necessary when a periodic inventory system is used O2) is required to adjust the Inventory balance to actual inventory available 3) has no internal control relevance 4) is not necessary when a perpetual inventory system is used The two most widely used methods of determining the cost of inventory are 1) FIFO and LIFO O 2) FIFO and average cost 3) LIFO and average cost O4) gross profit and average cost