3. Are the following generalisations valid?

(a) The difference between LIFO and FIFO is relatively small if inventory turnover is relatively high.

(b) The AVCO method will result in net profit that is somewhere between that produced by the LIFO method and that produced by the FIFO method.

(c) If prices rise in one year and fall by an equal amount the next year, the total income for the two years is the same under the FIFO method as under the LIFO method.