Mark "T" or "F" in the box to indicate whether the statements below are True or False

1) In a period of rising prices, FIFO inventory valuations will normally increase net income

2)If inventory has been adjusted to the lower of cost or market, you can reverse the adjustment once the market rebounds

3) If a company has a higher inventory turnover, it means that it takes longer to sell the product

4) It is both legal and accepted accounting to depreciate fixed assets using different methods for book and tax purposes