Identify each of the following statements regarding the First-in First-out inventory cost flow assumption as true or false. 

Select an answer True False	a) Periodic and perpetual inventory systems have the same ending inventory and cost of goods sold
Select an answer True False	b) Ending inventory approximates current replacement cost
Select an answer True False	c) Assuming inflation, tax liability will be higher
Select an answer True False	d) Matches current costs with current revenues