Which of the following statements is incorrect? LIFO reserve is the difference between inventory cost computed using the FIFO Method and the LIFO Method The net book value (NBV) of asset is the cost of asset less accumulated depreciation In general, in a period of falling prices, LIFO produces higher gross profits than FIFO In order to estimate depreciation expense using the double-declining- balance method, managers must estimate the asset's useful life and its salvage value