Multiple Select Question

Select all that apply

There are advantages to using each of the four inventory costing methods. Identify the statements below that are

correct regarding these advantages. $($Check all that apply.$)$

FIFO assigns an amount to inventory on the balance sheet that approximates its current cost.

FIFO assigns an amount to cost of goods sold on the income statement that approximates its current re$-$

placement cost.

Weighted average tends to smooth out erratic changes in costs.

LIFO mimics the actual flow of goods for most businesses.