Indicate Whether Each of the Following Statements Is True or False.________

True/False

Indicate whether each of the following statements is true or false.________ a)The FIFO cost flow method assumes that the company physically rotates inventory so that the oldest inventory is sold first.________ b)In a period of rising inventory prices, FIFO gives higher cost of goods sold than LIFO.________ c)Under the weighted-average cost flow method, the average cost per unit equals the cost of goods available for sale divided by the number of units available for sale.________ d)In a period of declining inventory prices, LIFO will result in higher income tax expense than FIFO.________ e)In a period of rising inventory prices, FIFO gives higher ending inventory than LIFO does.