The lower-of-cost-or-net realizable method for inventory:

Select one:

A. States that inventory must be reported on the balance sheet at its current net realizable value and may cause inventory to be written up to an amount larger than historical cost

B. Must be applied to inventory on an item by item basis

C. Places losses from price declines in the period the goods are sold rather than in the period of the price decline

D. None of the above

Which of the following inventory costing methods most closely matches the cost flow with the goods flow? Select one:

A. LIFO

B. Weighted average

C. Specific identification

D. FIFO