Which of the Following Statements Is Correct

Multiple Choice

Which of the following statements is correct?

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