Which of the following statements is incorrect regarding LIFO inventory valuation?

a$.$ LIFO better reflects the current cost of inventory on the balance sheet.

b$.$ When prices are falling LIFO will increase reported net income

c$.$ When prices are rising, LIFO can give much lower Cost of Goods Sold when purchases are substantially lower than inventory that is sold.

d$.$ Many countries ban the use of LIFO for inventory accounting.

e$.$ Using LIFO can reduce current tax payment when prices are rising.