Consider the following statements and decide whether they are true or false. I. Under normal conditions, the LIFO method of valuing inventory will generally result in a lower net income compared to the FIFO method. II. The term LIFO liquidation refers to the transition period when a company converts its inventory accounting system from LIFO to FIFO. III. A firm using FIFO is likely to have values for both inventory and COGS that are less skewed than a firm using LIFO. Select one: a. All of them are false b. Two of them are false. c. One of them is false. d. All of them are true.