Which of the following statements about the LIFO Reserve Disclosure is NOT true?  a. Usually, FIFO balance sheet amounts are much higher than LIFO balance sheet amounts. b. LIFO reserve indicates the difference between inventory cost reported on the balance sheet under the LIFO cost flow assumption and inventory cost under the FIFO cost flow assumption. c. When the LIFO reserve amount increases, FIFO Cost of Goods Sold equals to the sum of LIFO Cost of Goods Sold and the Increase in LIFO Reserve. d. The LIFO reserve must be reported at each balance sheet date.

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A: Rising costs is the situation when the prices keeps on increasing with time.

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