Management o1 a new retail sates company has asked for your advice in the selection of an appropriate inventory costing method. The business carries 20 lines of homogeneous products, the turnover rate is expected to be high, purchase prices are expected to increase continuously, and inventory quantities on hand at the end of each accounting period are constant or increase. Management seeks an inventory cost method that will defer holding gains (or losses) arising from specific price changes. Which o1 the lolloping me objective? FIFO. Weighted-average with a periodic system. Weighted-average with a perpetual system. LIFO. Which of the following statements are correct when a company applying the lower-of-cost-or-market method reports its inventory at replacement cost? The original cost is less than replacement cost. The net realizable value is greater than replacement cost. I only. II only. Both I and II. Neither I nor II. Inventory is measured at lower of cost or net realizable value (NRV) under which cost flow methods