Identify the incorrect statement regarding the last$-$in$,$ first$-$out method of inventory.

Multiple choice question.

Using LIFO, when purchases and sales occur continuously, the most recently incurred costs are virtually identical to current replacement cost.

LIFO provides a good match between current costs and current revenues.

The LIFO method matches the oldest costs against revenues.

The LIFO method presumes that sales are made from the most recently acquired units.