Please answer all questions with explanations. Thank you! 2 points QUESTION 49 1. When the LIFO costing method is in use, the seller: Assumes that the oldest units in inventory are sold first. Must sell the oldest unit in inventory first. Must sell the most recently acquired units first. Assumes that the most recently acquired units are sold first. 2 points QUESTION 50 1. Which of the following statements is not a characteristic of the LIFO method of pricing inventory? Inventory is valued at relatively current costs. The cost of goods sold is measured in relatively current costs. C During a period of rising prices, LIFO tends to minimize the amounts of income taxes owed. During a period of falling prices, LIFO tends to maximize the amounts of income taxes owed. 2 points