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6. the owner of the goods being sold 7. is the rule applied at the time of each sale. 8. is used to calculate inventory after each purchase. 9. When prices are rising, FIFO produces higher income Tor F 10. FIFO provides the least accurate valuation of inventory Tor F HRM 110 Assessment 1. All companies must count their inventory at least once a year. Tor F 2. involves counting, weighing or measuring inventory on hand (physical inventory) 3. When determining ownership, you should only include inventory owned by the company. Tor F 4. are goods being sold that are owned by others. 5. is the one selling on behalf of the owner. 6. the owner of the goods being sold 7. is the rule applied at the time of each sale. 8. is used to calculate inventory after each purchase. 9. When prices are rising, FIFO produces higher income T or F 10. FIFO provides the least accurate valuation of inventory Tor F