Identify the statement below concerning the L$/$FO inventory method that is untrue.

Multiple Choice

LIFO will provide a close matching of current revenues with current costs since the most recent costs are expensed first.

In the absence of changes in costs, the results of using LIFO would be identical to those obtained by FIFO.

In periods of declining costs, cost of goods sold using LIFO will produce a lower cost of goods sold than FIFO.

The ending inventory under LIFO will tend to approximate replacement cost.