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Incorrect Question 11 0/1 pts Using a LIFO flow of goods from inventory: Layers are combined and a weighted average is calculated Newer items are sold first with older items left in inventory Older items are sold first with newer items left in inventory is not allowed Incorrect Question 12 0/1 pts Given: first purchase 10 items at $1; second purchase 7 items at $2. Sold 8 items. Which of the following is true regarding a LIFO flow of inventory? 9 items are left in inventory with a value of $9. Cost of Goods Solder under LIFO-58 9 items are left in inventory with a value of $18 Cost of Goods Sold under tio $15