Comparing periodic LIFO and periodic FIFO, which method results in lower amounts of Cost of Goods Sold and Gross Profit in periods of falling prices?

Select one:

a.

Cost of Goods Sold	Gross Profit
FIFO	FIFO

b.

Cost of Goods Sold	Gross Profit
LIFO	LIFO

c.

Cost of Goods Sold	Gross Profit
FIFO	LIFO

d.

Cost of Goods Sold	Gross Profit
LIFO	FIFO