Question: Which statement are true? ( Select all that apply. ) Multiple select question. Specific identification, weighted average cost, LIFO and FIFO are generally accepted costing

Which statement are true? (Select all that apply.)
Multiple select question.
Specific identification, weighted average cost, LIFO and FIFO are generally accepted costing methods.
The inventory methods apply to both perpetual and periodic inventory systems.
The inventory method used must correspond with the actual physical flow of goods.
The inventory costing methods determine the amount of the debit to Cost of Goods Sold and credit to Inventory.

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