In periods of inflation why does the LIFO inventory method generally result in lower net income than if the FIFO method was used? Select one: O a. Most recently purchased inventory which is more expensive is deemed to be sold first which produces a higher cost of goods sold. O b. Most recently purchased inventory which is less expensive is deemed to be sold first which produces a lower cost of goods sold. O c. The oldest goods are deemed to be sold first which are less expensive thus producing a lower net income. Od. The oldest goods which are more expensive are not sold first thus the less expensive goods are in cost of goods sold resulting in lower net income