Indicate whether each of the following statements is TRUE or FALSE:
a. The balance in the "LIFO Reserve" account represents the difference in amount between the cost of goods sold using the LIFO method and the cost of goods sold using the FIFO method.
b. For purposes of applying the lower-of-cost-or-market (LCM) rules, net realizable value is equal to the sales price of the inventory plus completion and disposal costs.