If a supermarket uses LIFO cost-flow assumption to ascertain the cost of closing inventory which of the following reasons would an auditor have for disapproving of this?
(i) Use of LIFO is not permitted by IAS (2) Inventories
(ii) In times of rising prices LIFO understates inventory
(iii) Other supermarkets do not use LIFO cost-flow assumption
(iv) In times of rising prices LIFO understates profit

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a i, ii, iii b ii, iii, iv ci, iii, iv di, ii, iv