Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match each description to the appropriate cost flow assumption (a-c). Clear All Widely used for tax purposes. Produces results that are similar to the specific identification method. Produces the same cost of goods sold under both the periodic and the perpetual inventory systems. Does not follow the physical flow of goods in most cases. LIFO Produces the highest ending inventory when costs are increasing Weighted average Never results in either the highest or lowest possible net income FIFO Prohibited under International Financial Reporting Standards (IFRS). Cost of the latest purchases are assigned to ending inventory. Rarely used with a perpetual inventory system Assigns the same value to all inventory units. Produces the highest gross profit when costs are decreasing