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 prices,FIFO gives higher cost of goods sold than LIFO.
_____ c)Under the weighted average cost flow method,the cost per unit of ending inventory is equal to the cost per unit of inventory sold.
_____ d)In a period of declining prices,LIFO will result in higher income tax expense than FIFO.
_____ e)In a period of rising prices,FIFO gives higher ending inventory than LIFO does.

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The Answer of 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 prices,FIFO gives higher cost of goods sold than LIFO.
_____ c)Under the weighted average cost flow method,the cost per unit of ending inventory is equal to the cost per unit of inventory sold.
_____ d)In a period of declining prices,LIFO will result in higher income tax expense than FIFO.
_____ e)In a period of rising prices,FIFO gives higher ending inventory than LIFO does.

Indicate Whether Each of the Following Statements Is True or False