Which of the following statements is incorrect?

Group of answer choices

In general, in a period of falling prices, LIFO produces higher gross profits than FIFO

The net book value (NBV) of asset is the cost of asset less accumulated depreciation

LIFO reserve is the difference between inventory cost computed using the FIFO Method and the LIFO Method

In order to estimate depreciation expense using the double-declining-balance method, managers must estimate the assets useful life and its salvage value