Opening Inventory $--($minus$)$ Purchases $=$ Closing Inventory True FalseQuestion $2(2$ points$)$Total quantity of stock in the inventory X the Cost of each iten $=$ total cost of Inventory True FalseQuestion $3(2$ points$)$L I F O is an abbreviation for First$-$in$,$ first$-$out True FalseQuestion $4(4$ points$)$ Opening inventory $+$ Purchase $=$ Total available $-$ Closing inventory $=$ Cost of food issued $($consumed$)$ True FalseQuestion $5(4$ points$)$Average inventory$=$Opening inventory $--$ Closing inventory$2$ True False