Which of the Following Statements Is Correct

Multiple Choice

Which of the following statements is correct?

A) FIFO reports lower net income amounts than LIFO when unit costs are increasing.
B) LIFO reports a higher net income amount than FIFO when unit costs are increasing.
C) LIFO reports a higher net income amount than FIFO when unit costs are decreasing.
D) LIFO reports the same amount of net income as FIFO when unit costs are increasing.