Comparing invertary methods Assume that a firm separately determined invertory under FIFO and LFFO and then comparod the results. b. In each dropdown that foliows, solect the comect sign (less than (), or equal (w)\} for each comparison, atsurning pericts of rising prices b. Why woutd management peted to use LFFO over flFQ in periots tif rising prices? 1. Income showin the the company's tax-return would be lower if tifo rather than fifo is used. 2. Income thessit on the companyss tax return would be higher if LFFO rather than FIFO is used. 3. Cost of goods sold thown on the companys income statement wouks be lawer if uffo rather than fito its used