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Determine which of the following statements are correct regarding the difference between physical flow and...

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Accounting

Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of inventory. (Check all that apply.)
Multiple select question.
Perishable items usually have an actual physical flow of FIFO.
A business may adopt any cost flow assumption when accounting for perishable items.
Physical flow refers to the actual movement of goods.
Perishable items have an actual physical flow of LIFO.
Cost flow is an assumption about which goods/items are sold.

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