20. Petunia Co. was formed on January 2, 20X1, to sell a single product. Over a two year period, Petunia's acquisition costs have increased steadily. Physical quantities held in inventory were equal to three months' sales at December 31,20X1, and zero at December 31, 20X2. Assuming the periodic inventory system, the inventory cost method which reports the highest amount of each of the following is: Inventory 20X2 December 31.20XCost of Sales LIFO FIFO FIFO LIFO FIFO FIFO LIFO LIFO