Which of the following statements about problems of financial ratio analysis is FALSE?

a)	Cost of goods sold can be measured differently depending on inventory valuation methods such as LIFO and FIFO.
b)	Depreciation does not impact financial ratios since depreciation is non-cash item.
c)	Different choice of depreciation schedule may understate or overstate net income.
d)	Fair value accounting relies on subjectivity in the measurement of value.