Which one of the following inventory valuation statements are correct?

Select one:

a.

FIFO assumes that ending inventory contains the most recently purchased inventory

b.

Well managed businesses try to first sell most recently purchased inventory

c.

The desire to increase profits is a good reason to switch from weighted average to FIFO when valuing inventory

d.

FIFO assumes that the most recently purchased inventory is sold first

e.

Weighted average is commonly used to value customized or easily identifiable products