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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.$)$

Multiple select question.

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

Weighted average tends to smooth out erratic changes in costs.

FIFO assigns an amount to cost of goods sold on the income statement that approximates its current replacement cost.

LIFO mimics the actual flow of goods for most businesses.