Which of the Following Statements About the Use of the LIFO

Multiple Choice

Which of the following statements about the use of the LIFO assumption is NOT true?

A) In times of inflation,it produces a higher cost of goods sold than FIFO.
B) In times of falling prices,it produces lower income tax than FIFO.
C) The LIFO assumption matches revenues with expenses better than FIFO or average.
D) The LIFO assumption is affected by whether its amounts are determined using the periodic or perpetual control methods.