Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results. a. In each space that follows, place the correct sign [less than (), or equal (=) ] for each comparison, assuming periods of rising prices. i. FIFO Inventory LIFO Inventory ii. FIFO Cost of Goods Sold LIFO Cost of Goods Sold iii. FIFO Net Income LIFO Net Income iv. FIFO Income Taxes LIFO Income Taxes b. Would management prefer to use LIFO over FIFO in periods of rising prices? Why