3. Which of the following statement is false? (2.5 point) 1) Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods. 2) Inventories are reported as current assets on the statement of financial position. 3) The FIFO inventory method results in an ending inventory valued at the most recent cost. 4) Use of the FIFO inventory valuation method enables a company to report higher net income when in a period of falling prices