When Inventory Prices Are Increasing, the FIFO Costing Method Will

Multiple Choice

When inventory prices are increasing, the FIFO costing method will generally yield a cost of goods sold that is:

A) equal to the gross profit under the LIFO method.
B) higher than cost of goods sold under the LIFO method.
C) less than cost of goods sold under the LIFO method.
D) equal to cost of goods sold under the LIFO method.