Which of the following is not a guideline when choosing between whether to use FIFO or the average cost method? Select one: O Use the same cost formula for all inventories of a similar nature and use. O Select the cost formula that best matches costs and revenues O Report an inventory cost on the statement of financial position that is close to the inventory's recent cost. Choose a cost formula that corresponds as closely as possible to the physical flow of goods. If a company has a higher gross profit margin than other companies in the same industry, it means that the company Select one: is more profitable overall. has done a better job at maintaining marks-ups or controlling product costs relative to sales revenue. has higher income from operations. has done a better job in controlling its operating and other expenses relative to sales revenue