True or False

1. A grocery store probably would use the specific identification inventory costing method for most of the items in its inventory. 2. The choice of an inventory costing method is determined by the actual flow of goods when inventory is sold. 3. The cost of inventory recorded on the Balance Sheet will include the purchase price, inspection costs and shipping costs. 4. In a perpetual inventory system, the on hand inventory quantity is not known until a physical inventory count is completed