Interim Financial ReportingInventories

1) Which of the following statements is false regarding the interim financial reporting of inventories?

a. Accounting standards permits companies to use estimated gross profit rates to determine the cost of goods sold during interim periods.

b. LIFO liquidation computation should be done with respect to the entire year, not just the current reporting period.

c. Reduction for lower of cost or market need not be recognized if we expect market prices for the affected inventory to recover by year-end.

d. Standard cost variance analysis must be performed and recognized with respect to the interim period only.

2) Describe common situations a company will use to choose between using the current rate method and the temporal method of foreign currency translation/remeasurement for foreign subsidiaries. PLEASE PROVIDE EXPLANATION