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True or False 5. With the periodic inventory system the inventory account is updated after each sale or purchase. 6. When merchandise is sold FOB

True or False

5. With the periodic inventory system the inventory account is updated after each sale or purchase.

6. When merchandise is sold FOB shipping point, the buyer is responsible for the shipping costs.

7. The inventory method that assigns the most recent costs to ending inventory is LIFO.

8. Specific identification relies on matching unit cost with the actual units sold.

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