Clayton Company's inventory was 12,000 units with a cost of \(\$ 160\) each on January 1, 1999 . During 1999, numerous units were purchased and sold. Also during 1999, the purchase price of this product fell steadily until at year-end it was \(\$ 120\). The inventory at year-end was 18,000 units. State which method of inventory measurement, LIFO or FIFO, would have resulted in higher reported net income, and explain briefly.