GAAP related to the matching principle is used to determine the dollar amount of cost of goods sold related to sales for a period, and to determine the value of ending inventory carried forward.

Group of answer choices

True

False

GAAP related to the consistency concept is the basis for adopting an inventory valuation method, then using it every period/year moving forward.

Group of answer choices

True

False

In a period of rising purchase costs of inventory, LIFO usually gives a lower income.

Group of answer choices

True

False