Identify the correct statement regarding the first$-$in$,$ first$-$out $($FIFO$)$ inventory method.

Multiple choice question.

The FIFO method seldom corresponds to the physical flow of inventory.

The ending inventory on the FIFO basis consists of the oldest units available.

The FIFO method assumes that Cost of goods sold consists of the most recently acquired units.

A deficiency of the FIFO method is that it charges oldest costs against revenues on the income statement.