Inventory Valuations Methods Write the letter of the method that is most applicable to each statement. Assume a period of rising costs. A) Specific Identification B) Average Costs C) FIFO D) LIFO

_____ 1. The method that assigns the most recent costs to ending inventory. _____ 2. The method that will maximize income taxes. ______ 3. Minimizes Gross profit for the current period. _____ 4. The method that relies on matching unit costs with the actual units sold. _____ 5. Uses the same unit cost in determining ending inventory and cost of goods sold. ______ 6. Averages out costs during a period of cost instability. ______ 7. Is an assumption that will most closely parallel the physical flow of food sold by a restaurant. ______ 8. Provides the most realistic measurement of the inventory in relation to inventory replacement costs. ______ 9. Records the most recent purchased cost as cost of goods sold. ______ 10. Used by a company that sells high cost specialized items.