Ummm i don’t think i understand the question
Answer:
US GAAP allows LIFO
Explanation:
The last in, first out (LIFO) inventory valuation system uses the price of the last units purchased in order to determine the cost of goods sold. The International Financial Reporting Standards (IFRS) require that companies use the first in, first out (FIFO) inventory valuation system or the weighted average system. While US GAAP accepts LIFO, FIFO or weighted average.
It is true that a society accepts minimum wage laws as a method of determining wages because the law is made to determine the wages.
The market value of a good has a direct relationship with the wages; hence it is true that the market value of a good determines wages.
The quality of a good has no direct relationship with the amount of wages hence it does not determines the wages.
Employee productivity also has a direct relation with the quality of the work and hence it also determines the wages.
It is true according to the law that the price floor determines the minimum wage.
Hence the only False statement is:
The quality of a good determines wages.
