COGS? Highest Gross Profit? Taxes? Lowest Net Income? No Yes No In comparing inventory valuation methods and the impact of cost flow assumptions under the periodic method, which pair of choices correctly depicts the FIFO/LIFO results. (in period of rising prices) for highest cost of goods sold, highest gross profit. lowest taxes and lowest net income? OA Assumption FIFO Highest Lowest LIFO Yes Yes No OR COGS? Gross Profit? ? Net Income? FIFO LIFO No No Yes Yes No No Yes Ye OCAssumption Highest Highest Lowest Lowest COGS? Gross Profit? Taxes? Net Income? FIFO LIFO No Yes No No Yes No Yes Yes OD Assumption. Highest COGS? Highest Gross Profit? Lowest Taxes? Lowest Net Income? FIFO LIFO Yes No Yes Yes No Yes No No