Multiple Select Question

Select all that apply

Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of inventory. $($Check all that apply

Physical flow refers to the actual movement of goods.

Perishable items usually have an actual physical flow of FIFO.

A business may adopt any cost flow assumption when accounting for perishable items.

Cost flow is an assumption about which goods$/$items are sold.

Perishable items have an actual physical flow of LIFO.