Which of the following statements is/are correct?
Statement - 1 : In periods of rising prices, the cost of production is lower in case of the FIFO method.
Statement - 2 : In periods of falling prices, the ending inventory is valued in the FIFO method at a price lower than that in case of the LIFO method.
1
Only Statement - 2 is correct.
2
Both Statement - 1 and Statement - 2 are incorrect.
3
Only Statement - 1 is correct.
4
Both Statement - 1 and Statement - 2 are correct.