Question: Does an item's cost flow have to match its physical flow? What costs are included/excluded from inventory? What are the differences between FIFO, LIFO, average

Does an item's cost flow have to match its physical flow? What costs are included/excluded from inventory?

What are the differences between FIFO, LIFO, average cost, and specific identification? How do you know which to choose? Can you mix and match or change whenever you want?

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