Which of the following statements regarding inventory accounting is false?

Multiple Choice

The FIFO method of inventory valuation assumes that the first unit purchased is the first unit sold

Under U$.$S$.$ GAAP, current cost $($replacement cost$)$ accounting may be used at the discretion of management with proper disclosure.

Under U$.$S$.$ GAAP, the cost flow assumption does not need to conform to the actual flow of the goods.

The weighted average cost flow assumption generates numbers that are between the LIFO and FIFO assumptions.