Wilson Company uses FIFO for inventory costing. During 2022, price levels increased. Which statement is true concerning the amounts reported on Wilson's balance sheet and income statement? O The costs allocated to cost of goods sold on Wilson's income statement will reflect the costs that most closely approximate current costs. The costs allocated to cost of goods sold on Wilson's income statement may be significantly overstated in terms of current cost. The costs allocated to inventory on Wilson's balance sheet reflect inventories that approximate current costs. O The costs allocated to inventory on Wilson's balance sheet may be significantly understated in terms of current cost