IAS 2 Inventories does not permit the use of the last in. first out (LIFO) method of valuing inventory In a time of rising prices, which of the following is a reason for this?

IAS 2 Inventories does not permit the use of the last in. first out (LIFO) method of valuing inventory In a time of rising prices, which of the following is a reason for this?
A . Purchases are overstated
B . Closing inventory is understated.
C . Cost of sales are understated
D . Gross profit is overstated

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Answer: B