Take the following as truth: LATEST ACQUISITION COST (LAC) METHOD -A method that provides that all like units that are held be valued at the invoice price of the most recent like item purchased, less any discounts, plus any additional costs incurred to bring the item to a form and location suitable for its intended use.
Then the following statement: "The latest acquisition cost method provides that all units are valued at the earliest invoice price." is true, false, or inconclusive?
Answer: False