Which of the following statements is false about inventory cost flow methods:

		LIFO liquidation can be used by LIFO companies to increase their net income in times of rising prices by deferring purchases into later periods.
		When companies choose between LIFO, FIFO, and Average Cost, the difference in cash flow effects between the two methods frequently motivates the choice.
		In times of rising prices, cost of goods sold will be the highest under the FIFO method.
		LIFO is allowed in U.S. GAAP because it confers tax benefits under U.S. tax law.
		When choosing an inventory cost flow method, companies are encouraged by the FASB to choose a method that most closely reflects current income.
		In times of falling prices, LIFO gives the highest net income among LIFO, FIFO, and Average Cost.