6 3 pts The accounting records of Summer Lightings Equipment Ltd show the following data: Beginning inventory: 4,000 units at 3 Purchases 6,000 units at 4 Sales 7,000 units at 12 Which one of the following statements is INCORRECT? O In a period of inflation, FIFO produces a lower net profit because the higher unit costs of the first units purchased are matched against revenues; and results in a lower income taxes paid. In a period of inflation, FIFO produces a higher net profit because the lower unit costs of the first units purchased are matched against revenues; and results in a higher income taxes paid. The cost of goods sold during the period under a periodic inventory system using the average-cost method is 25,200. The cost of goods sold during the period under a periodic inventory system using the FIFO method is 24,000