Cost flow assumptions issues: oWhat does FASB state as the primary objective of inventory accounting? Which cost flow assumption matches most current product costs with revenue? Which cost flow assumption uses most current product costs to measure inventory on the balance sheet? Why isn't specific identification used very often for inventory costing? .Does GAAP require entities to select a cost flow assumption method that approximates physical flow of the inventory products? .In what situation is GAAP inventory cost flow assumption choice influenced by IRS regulations? TFO Which cost flow assumptions (FIFO, LIFO, average) result in different amounts for CoGS and Ending Inventory based on whether the entity uses a perpetual or a periodic system