ULLIIUNT-MULTIPLE CHOICE (Shade the most appropriate answer) 1. Ending inventory is made up of the oldest purchases when a company uses first-in, first-out last-in, first-out average cost retail method 2. The inventory costing method that reports the most current prices in ending inventory is FIFO Specific identification LIFO Average cost 3. Under a periodic inventory system accounting records continuously disclose the amount of inventory a separate account for each type of merchandise is maintained in a subsidiary ledger a physical inventory is taken at the end of the period merchandise inventory is debited when goods are returned to vendors 4. Under the inventory method, accounting records maintain a continuously updated inventory value. retail periodic physical perpetual