True or False?

g. The main benefit of the LIFO inventory method is tax savings. h. Under current tax laws in the United States, a company which uses the LIFO method for tax purposes must also use the LIFO method for financial reporting purposes. Under current tax laws in the United States, a company which uses the FIFO method for tax 1. purposes must also use the FIFO method for financial reporting purposes. J. International Financial Reporting Standards (IFRS) permit the use of LIFO for financial reporting All else being equal, as a company's cost of goods sold increases, net income increases. A new inventory error in a given year will affect net income in that year as well as in the k. subsequent year, but in the opposite direction. A new inventory error in a given year will affect the balance sheet only in year one. As a company's inventory turnover ratio increases, the frequency with which it is selling its m. inventory decreases. The difference in cost between the FIFO and LIFO ending inventory amounts is oftern 0_ referred to as the LIFO reserve