1. Under the LIFO method, the most recent goods added to inventory are assumed to be the first goods sold to customers. a True b. False 2. Businesses must choose one inventory costing method, as they cannot be used concurrently a. True b. False 3. A function is a prewritten formula that helps simplify complex procedures a True b. False 4. A limitation to using Auto Sum is that you cannot modify to the range that Excel identifies a True b. False 5. You cannot customize the Excel status bar. a. True b. False 6. The "number of characters" argument is mandatory for the MID function but optional for the LEFT and RIGHT functions. aTrue b. False 7. Only one function can be used in a formula that contains a nested function. a. True b. False