The type of inventory costing method that assumes that the newest inventory is sold first and causes a disparity between inventory price and market price of the product Specific identification O LIFO method O None of the above O Weighted average method O FIFO method Question 13 1.5 pts The contra-purchases account that is used in a periodic inventory system when a refund is received from a supplier is O Purchase discounts Purchase returns and allowances Sales discounts Sales returns and allowances None of the above