Which of the following statements is false?

a. Companies are allowed to use more than one inventory valuation method.
b. LIFO is an income tax concept.
c. Using FIFO for high-technology products makes sense if the firm is trying to reduce taxes because the technology industry is generally deflationary.
d. Companies using IFRS may not reverse entries for inventory write-downs if the market recovers.

Answer :

agustinsr99

Answer: The answer is "b. LIFO is an income tax concept.".

Explanation: The statement "b. LIFO is an income tax concept." is FALSE because LIFO is a inventory method (first in, first out) in which the first products purchased will also be the first sold.

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