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