write the letter of the method that is most applicable 280748

Write the letter of the method that is most applicable to each statement.

a. Specific identification

b. Average cost

c. First in, first out (FIFO)

d. Last in, first out (LIFO)

____________ 1. Is the most realistic ending inventory

____________ 2. Results in cost of goods sold being closest to current product costs

____________ 3. Results in highest income during periods of inflation

____________ 4. Results in highest ending inventory during periods of inflation

____________ 5. Smooths out costs during periods of inflation

____________ 6. Is not practical for most businesses

____________ 7. Puts more weight on the cost of the larger number of units purchased

____________ 8. Is an assumption that most closely reflects the physical flow of goods for most businesses

____________ 9. Is not an acceptable method under IFRS