Which of the following statements regarding inventory accounting is false?

Multiple Choice

The input cost changes that occur after the purchase of inventory items in a current cost accounting system are recognized as unrealized holding gains.

The choice of method for allocating the cost of goods available for sale between ending inventory and cost of goods sold represents the major issue in inventory accounting.

Although many firms use the LIFO cost flow assumption, there are no examples where the actual physical flow of units is also last-in, first-out.

If the cost of inventory never changed, the FIFO, LIFO and weighted average cost flow would produce the same financial statement result.