Hikers Inc. sells goods on consignment.$$ For instance, it might ask the local bike shop to sell some Hikers goods on consignment.$$ Most of the following statements are blatantly false and misleading. Which statement is TRUE regarding the consignment of goods by Hikers Inc.?

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Group of answer choices

When Hikers transfers goods to another company on consignment, the consignee $($such as a bike shop$)$ reflects the value of the goods in its inventory.

When Hikers transfers goods to another company $($such as a bike shop$)$ on consignment, title remains with the consignor $($Hikers$).$

When Hikers transfers goods to another company $($such as a bike shop$)$ on consignment, the goods are$$ temporarily removed from Hikers' inventory.

When Hikers transfers goods to another company $($such as a bike shop$)$ on consignment, it increases the inventory balance on Hikers' $($the consignor's$)$ balance sheet.

Group of answer choices

During $2023,$ Modesto sold inventory below its original acquisition cost.

During $2023,$ Modesto converted from the LIFO inventory valuation system to a different valuation system.

During $2023,$ Modesto reverted to the FIFO system until inventory was liquidated, then returned to the LIFO system for new inventory.

The value of ending inventory on December $31,2023$ was less than on December $31,2022.$