Practice Question 29 FIFO provides the closest relationship of replacement cost to the balance sheet inventory accounts. Feedback c): Te specific goods to be sold may come from early purchases or inventory just acquired, so it is not possible to know which cost will become an expense With the assumption of costs and prices generally rising, which of the following is correct? LIFO provides the closest valuation of cost of goods sold to replacement cost of inventory sold. LIFO provides the closest valuation of inventory on the balance sheet to replacement cost. Specific identification method provides the closest cost of goods sold to replacement cost on the income statement. O FIFO provides the closest cost of goods sold to replacement cost Click if you would like to Show Werk fer this question: Shm Wr Question Attempts 2 3 used SAVE FOR LATER SUSHIT