27. In a period of rising prices, which of the following is true if a firm chooses FIFO versus LIFO for their inventory valuation approach? Cost of goods sold will be less using FIFO, which will result in higher net income. Cost of goods sold will be greater using FIFO, which will result in lower net income. Ending inventory will be greater with FIFO, which will result in higher cost of goods sold. Ending inventory will be less using FIFO, which will result in lower cost of goods sold