Of the Three Cost-Flow Assumptions, When Inventory Costs Have Been

Multiple Choice

Of the three cost-flow assumptions, when inventory costs have been falling and inventory amounts increasing, LIFO results in balance sheet figures that are _____, cost of goods sold will _____, and _____ reported net income

A) closest to current cost, be out of date, highest
B) out of date, closest to current cost, highest
C) closest to current cost, be out of date, lowest
D) out of date, closest to current cost, lowest
E) closest to current cost, closest to current cost, highest