Select all that apply

Identify the statements below that are correct regarding the advantages of the four inventory methods using a periodic inventory system. (Check all that apply.)

Multiple select question.

LIFO mimics the actual flow of goods for most businesses.

Weighted average tends to smooth out erratic changes in costs.

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 replacement cost.