13. Liu, Inc. has been in business for 20 years. During that time, the company has consistently used the LIFO inventory costing method. Because of inflation, prices for merchandise have increased consistently over the 20 years. The company has maintained the same inventory quantities over the 20-year period. Which of the following statements is most likely true?

A. The ending inventory figure reported on the balance sheet would be significantly lower than its current value

B. Liu, Inc. will have paid more income taxes over the 20 years than it would have paid if it used the FIFO method

C. Liu, Inc.s reported net income for the past 20 years is greater in total that it would have been if it had used the FIFO inventory method

D. Both A and B above are true