A company has the following information related to its ending inventory: FIFOLIFO 12/31/2020$ 230,000 $200,000 12/31/2021 280,000 260,000 The company's accountant informs the CEO that because the company reports using LIFO instead of FIFO, gross profit will be lower in 2021. Which of the following statements is correct? Multiple Choice The accountant is incorrect because the LIFO reserve has increased in the current year. The accountant is correct. 0 The accountant is incorrect because the choice of LIFO or FIFO does not affect gross profit. C) The accountant is incorrect because the LIFO reserve has decreased in the current year