For each of the following statements, indicate whether the correct answer is FIFO, LIFO, or neither. **Pay special attention to whether prices are rising or declining.

For each of the following statements, indicate whether the correct answer is FIFO, LIFO, or neither. ** Pay special attention to whether prices are rising or declining. When inventory costs are rising, this method yields the lowest income tax expense. Choose... When inventory costs are declining, this method yields the highest gross profit. Choose... When inventory costs are rising, this method yields the lowest cost of goods sold. Choose... - When inventory costs are declining, this method yields the lowest cost of ending inventory. Choose... When inventory costs are rising, this method yields the lowest sales revenue. Choose