16. What happens when prices are rising? 2. LIFO will result in higher net income and a lower inventory valuation than will FIFO. b. LIFO will result in lower net income and a higher inventory valuation than will FIFO. C. LIFO will result in lower net income and a lower inventory valuation than will FIFO. d. LIFO will result in higher net income and a higher inventory valuation than will FIFO