Question 28 (2 points) The FIFO method provides a more faithful representation of the value of inventory carried on the Balance Sheet than the weighted average method. True False Question 29 (2 points) A LIFO Reserve is a contra-inventory account used to hold the tax savings from using LIFO instead of FIFO. True False Question 30 (2 points) During periods of consistently Falling prices, the LIFO method will tend to give both higher Balance Sheet value and higher Income than FIFO. True False Question 31 (2 points) When a company uses the allowance method to account for bad debts, the entry to write off a specific customer's account for nonpayment would be to dr. Bad Debts Expense and cr. Accounts Receivable. True False Question 32 (2 points) PLEDGING and ASSIGNING of accounts receivables are different terms for the same thing. True False