Question Details

LIFO liquidations can occur frequently when using a specific-goods approach 



TRUE OR FALSE:
	1.	The LIFO perpetual method results in the same ending inventory and cost of goods sold amounts as under the LIFO periodic method.

	2.	The change in the LIFO Reserve from one period to the next is recorded as an adjustment to Cost of Goods Sold.

	3.	Many companies use LIFO for both tax and internal reporting purposes.

	4.	LIFO liquidation often distorts net income, but usually leads to substantial tax savings.

	5.	LIFO liquidations can occur frequently when using a specific-goods approach . 



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