In a Period of Rising Prices, Use of the FIFO

Multiple Choice

In a period of rising prices, use of the FIFO rather than LIFO inventory cost flow assumption results in

A) a lower cost of goods sold and a lower ending inventory.
B) a lower beginning inventory and a lower ending inventory.
C) a higher cost of goods sold.
D) a lower cost of goods sold and a higher ending inventory.
E) none of the above