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    Question

    State whether the given statements are true or

    false. (a) First In First Out method of valuing materials issues is suitable in times of rising prices. (b) According to LIFO method of pricing, issues are close to current economic values.
    A Statement (a) is true, and statement (b) is false. Correct Answer Incorrect Answer
    B Statement (a) is false, and statement (b) is true. Correct Answer Incorrect Answer
    C Both statements (a) and (b) are false. Correct Answer Incorrect Answer
    D Both statements (a) and (b) are true. Correct Answer Incorrect Answer

    Solution

    The correct answer is B

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