1. When inventory is recorded based on a physical count at the end of an accounting period, we have the method. 2. The inventory method used when units are generally of high value is the method. 3. The inventory method is most commonly used in retail establishments. 4. A method of inventory valuation based on the concept that the goods are sold in the order in which they are received is known as 5. The valuation of inventory based on the concept that the most recent costs incurred should be charged against income is known as 6. In a rising market, net income under smaller tax. would be smaller, thus producing a 7. The inventory method based on the concept that the unit cost of merchandise sold is the average of all expenditures for inventory is known as