1.When using the FIFO method of valuing inventory? a.The first item taken out of inventory is the last item taken out b.the first items taken out of inventory have a short shelf life c.Materials with a short shelf life are valued d.The first item put into inventory is the first item taken out

2.What are items that are acquired by a distributor for the purpose of resale to a third party called? a.display goods b.purchases c.merchandise inventory d.goods in store

3.Which of the following is NOT an element of inventory costs? a.The cost to store the item b.The cost to maintain the item until it is sold c.The cost to market the item d.The price paid to buy the item