Question: FIFO, LIFO, and weighted average inventory costing methods are based on: A) assumptions that accountants make about the flow of inventory costs. B) the actual

FIFO, LIFO, and weighted average inventory costing methods are based on:

A) assumptions that accountants make about the flow of inventory costs.

B) the actual physical flow of goods purchased and sold by a business.

C) surveys taken that ask real companies how they value their inventories.

D) the accounting equation (assets = liabilities + stockholders' equity).

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