Which of the following statements regarding the recognition of costs under U.S. GAAP is TRUE? Group of answer choices

The cost of uninsured inventory completely destroyed in a fire is recognized as an expense.

The estimate of the warranty costs necessary to fulfill the warranty obligation is recognized as an expense in the year of the sale of the product.

Both losses and expenses reduce net income and provide a benefit to the firm.

Research and development cost is typically recorded as an asset.