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Required: Choose the method of inventory valuation that corresponds to each of the statements that follow:
- FIFO
- Weighted average.
- Specific identification
____Matches actual flow of goods with actual flow of costs in most cases
____Matches old costs with new sales prices
____Results in the lowest net income in periods of falling prices
____Does not assume any particular flow of goods
____Best suited for situations in which inventory consists of perishable goods
____Values ending inventory at approximate replacement cost
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