Choose the statement which is correct. Assume that inventory prices are rising.

Select one:

a.

The FIFO method gives the lowest closing inventory figure in the balance sheet.

b.

The FIFO method gives the highest closing inventory figure in the balance sheet.

c.

The LIFO method gives the lowest figure for cost of sales.

d.

The LIFO method gives the highest closing inventory figure in the balance sheet.

e.

None of the above answers is correct