Assuming inventory costs are rising over time, indicate which inventory cost flow assumption will achieve the results below. The answer choices are FIFO or LIFO. Answer Description: a. Which cost flow assumption will result in a higher cost of goods sold amount? FIFO b. Which cost flow assumption will result in a higher gross profit amount? CFIFO LIFO FIFO c. Which cost flow assumption will result in a lower income tax amount? CLIFO FIFO d. Which cost flow assumption will result in a lower cost of ending inventory? CLIFO