Match each inventory method with the storage method that best fits it. Group of answer choices LIFO [ Choose ] FIFO [ Choose ] Specific Identification [ Choose ] Average Cost [ Choose ] Flag question: Question 2 Question 21 pts Firms can't show an item as inventory if they don't have legal title to it. Group of answer choices True False Flag question: Question 3 Question 31 pts When we count and value inventory at the end of the year in a periodic inventory system, it's a mathematical certainty that it will equal the Beginning of Year balance, plus Purchases over the year, minus Cost of Goods Sold. Group of answer choices True False Flag question: Question 4 Question 41 pts It is more common for an entry to debit RM (Raw Materials) and credit WIP (Work in Process) than the other way around. Group of answer choices True False Flag question: Question 5 Question 51 pts When we find that some units of inventory are not going to be sold for as much as they cost us, we typically report the reduction in value as a Cost of Goods Sold expense. Group of answer choices True False