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

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This is because LIFO assumes that the items sold are the most recently purchased, and therefore have a higher cost, resulting in a higher cost of goods sold. In contrast, FIFO assumes that the items sold are the oldest in inventory, which have a lower cost, resulting in a lower cost of goods sold and higher net income.

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