NAME LL Part II True False For each of the following statements, circle T in the answer colum If the state ment is true or F if the statement is false, T F 1. The flow of costs for inventory valuation purposes must match the physical flow of goods. T 2. The FIFO method of Inventory costing results in charging the oldest costs against the current sales Income T 3. The LIFO method of Inventory costing charges the most recent materials cost F against the current revenue. T F 4. Other factors remaining the same, the higher the ending inventory valuation, the larger the reported profit will be for the accounting period. F 5. The moving average method of loventory costing requires that a new unit cost be computed after each side of materiais