For each of the following statements, indicate True (T) or False (F). 1 Both merchandising and manufacturing companies normally have multiple inventory accounts. 2. The cost flow assumption adopted does not have to be consistent with the physical movement of the goods. 3. A major argument in favor of the FIFO method of inventory costing is that current costs are matched against current revenues. 4. LIFO liquidations can occur frequently when using a specific-goods LIFO approach 5. The LIFO conformity rule states that if a company uses LIFO for talourposes. It can use FIFO for financial accounting purposes (Note: to save time you don't need to provide explanations)