Explain each of the following statements:

a. Differences between the effects of FIFO and LIFO on the financial statements increase as the rate of change in the cost of inventory items increases.

b. Differences between the effects of FIFO and LIFO on cost of goods sold decrease as the rate of inventory turnover increases.

c. Differences between FIFO and LIFO amounts for inventories on the balance sheet do not decrease as the rate of inventory turnover increases.