All of the following statements are true regarding the LIFO reserve except:

Select one:

a. Companies using LIFO are required to report the LIFO reserve.

b. The equation (LIFO inventory LIFO reserve = FIFO inventory) adjusts the inventory balance from LIFO to FIFO.

c. The financial statement differences of using LIFO normally increase the longer a company uses LIFO.

d. Current ratios and the inventory turnover can be significantly affected if a company has material LIFO reserves.