In a period of rising costs,the first-in,first-out (FIFO)method results in higher cost of goods sold and lower gross profit than the last-in,first-out (LIFO)method.

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In a period of rising costs, the first-in, first-out (FIFO) method results in lower cost of goods sold and higher gross profit than the last-in, first-out (LIFO) method. This is because the cost of goods sold under FIFO uses older, lower-cost inventory, while LIFO uses newer, higher-cost inventory.

In a Period of Rising Costs,the First-In,first-Out (FIFO)method Results in Higher