Which of the Following Statements Is True

Multiple Choice

Which of the following statements is true?

A) FIFO results in a lower net income than LIFO when costs are increasing.
B) LIFO results in a higher net income than FIFO when costs are increasing.
C) LIFO results in a higher net income than FIFO when costs are decreasing.
D) LIFO results in the same net income as FIFO when costs are increasing.