Under the LIFO Cost Flow Assumption During a Period of Inflation,which

Multiple Choice

Under the LIFO cost flow assumption during a period of inflation,which of the following is false?

A) Cost of goods sold will be lower than under FIFO.
B) Gross margin will be lower than under FIFO.
C) Income tax expense will be lower than under FIFO.
D) Ending inventory will be lower than under FIFO.