+ 3 3 1 point Parker Inc. is using the LIFO method, what is the cost of goods sold? Units Unit Cost Total Cost Beginning Inventory 50 $100 $5,000 Purchase on May 5th 20 $130 $2,600 Sales 60 ? ? $6,300 $6,257, $6,900 $6,600 1 point In periods of rising prices, the LIFO inventory method would result in the highest net income. True False