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Statement                                                                                                 True                  False

In periods of rising prices, FIFO gives a higher valuation of                      对

closing inventory than LIFO or AVCO.                     

In periods of falling prices, LIFO gives a higher valuation of                                              对

issues of inventory than FIFO or AVCO.  

AVCO would normally be expected to produce a valuation of                    对

closing inventory somewhere between valuations FIFO and LIFO.  

FIFO costs issues of inventory at the most recent purchase price.                                     对

AVCO costs issues of inventory at the oldest purchase price.                                            对

LIFO costs issues of inventory at the oldest purchase price.                                              对 

FIFO values closing inventory at the most recent purchase price.              对

LIFO values closing inventory at the most recent purchase price.                                      对

AVCO values closing inventory at the latest purchase price.                                               对