A major determinant of the amount at which many assets are accounted for in the statement of financial position is the future amount to be released as an expense into the income statement. True False // Question 41 2 Points An advantage to the last-in, first-out (LIFO) method of accounting for inventory is that it values the cost of goods sold at current replacement costs. True False // Question 44 2 Points The specific identification method requires that a record of the cost of each individual inventory item be maintained. True False // Question 47 2 Points Cash is reported in the financial statements at its face value. True False