TRUE OR FALSE WITH EXPLAINATION 15. Average cost method applies weighted-average unit cost to units on hand to determine the cost of ending inventory 16. According to the LIFO method, the costs of the earliest goods purchased are the first to be recognized in determining the cost of goods sold 17. 2/8 EOM means that a 2% discount will be given to the buyer for paying within the first 8 days of next month. 18. Consignee tries to sell the goods for the consignor (owner) for a fee, without taking ownership of the goods. 19. Taking a physical inventory involves counting, weighing, or measuring specific kinds of inventory on hand. It is performed when the business is operational, or business is growing at a rapid pace. 20. Inventory is accounted for at cost, which includes all expenditures necessary to acquire goods and place them in a condition ready for sale