Select ALL of the following that are true statements. Under the FIFO cost flow assumption, the costs in inventory are the most recent purchases. O Under periodic costing, companies record cost of goods sold as sales are made throughout the year. Inventory costs include all direct and indirect costs (.e., overhead) related to inventory production. The LIFO reserve records the difference in cost of good sold between LIFO and Average Cost. Select ALL of the following that are true statements. The LIFO reserve records the difference in cost of good sold between LIFO and Average Cost. Inventory costs include all direct and indirect costs (.e., overhead) related to inventory production. Under the FIFO cost flow assumption, the costs in inventory are the most recent purchases. Under periodic costing, companies record cost of goods sold as sales are made throughout the year