Match the following sentences to the inventory cost flow method they describe.

A. FIFO

B. LIFO

C. Average Cost

A B CProhibited under International Financial Reporting Standards (IFRS).

A B CWidely used for tax purposes.

A B CProduces results that are similar to the specific identification method.

A B CProduces the same COGS under both the periodic and the perpetual inventory systems.

A B CDoes not follow the physical flow of goods in most cases.

A B CProduces the highest ending inventory when costs are increasing.

A B CCost of the latest purchases are assigned to ending inventory.

A B CProduces the highest gross profit when costs are decreasing.

A B CAssigns the same value to all inventory units.

A B CRarely used with a perpetual inventory system.