22. [Inventory costing for pricing purposes] The following para- graph was taken from the "Message to Stockholders" section of the Driver-Harris 1980 Annual Report. We would like to call your attention to a major effect caused by inflation Our results are significantly affected by the use of LIFO accounting. We believe that this method better reflects the results of operations in infla tionary times, even though, had the FIFO method beer used for inventory valuation, our 1980 results before in- come taxes would have been approximately $1.800,000 better. Unfortunately, some of our competitors throughout the world are still using the FIFO method. and thus tend to offer unrealistically low prices, based on outdatec costs. Discuss the validity of this paragrap