SECTION A: True/False and Multiple Choice questions Identify the following statements to be either True' or 'False' and explain your answer in the spaces given below each question. [1 mark for identification + 2 marks for explanation] 1. The First-in, First-out (FIFO) inventory cost flow assumption results in an ending inventory valued at the most recent cost. Explain your answer with a numerical example: 2. A perpetual inventory system updates the inventory records on a daily basis Explain your answer using a business transaction as an example