Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results.

In each space below, place the correct sign [less than (<), greater than (>), or equal (=)] for each comparison, assuming periods of rising prices.

1. FIFO inventory vs LIFO inventory

2. FIFO cost of goods sold vs LIFO cost of goods sold

3. FIFO net income vs LIFO net income

4. FIFO income taxes vs LIFO income taxes