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Question 1.11 2 points Beginning inventory is $10,000 and the company purchased $6,000 worth of inventory during the period. If ending inventory is $7,000 then cost of merchandise sold is $3,000. O True O False Question 1.12 2 points in a period of rising prices, the LIFO inventory method will result in the lowest cost of merchandise sold. O True O False Question 1.13 2 points Under the first-in, first-out inventory cost flow assumption, the oldest goods are used to calculate cost of goods sold. O True O False