Which of the following statements is incorrect?

Select one:

a. both inventory and net income are higher when companies use LIFO in a period of inflation.

b. both IFRS and GAAP account for inventory acquisitions at historical cost and value inventory at the lower-of-cost-or-net-realizable value subsequent to acquisition.

c. by using the IFRS, goods shipped on consignment from a seller to another company should be included in the inventory of the seller.

d. many argue that LIFO provides a better matching of current costs against revenue from a financial reporting point of view.