Answer:
The statement is false
Explanation:
The statement is false as the both the methods that is LIFO and FIFO are the methods of inventory valuation, not for computing the depreciation.
As LIFO (Last in first out), this method involves the inventory which is purchased last is expensed first whereas FIFO (First in first out), this method of inventory valuation, involves the inventory in which the inventory which is purchased first is expensed first.
For computing the depreciation for the tangible assets involves straight line, diminishing or double declining methods.
