Indicate whether each of the following statements is true or false, True False a) The FIFO cost flow method assumes that the company physically rotates inventory so that the oldest inventory is sold first. b) in a period of rising prices, FIFO gives higher cost of goods sold than LIFO When the weighted average cost flow method is used the cost per unit of ending inventory is equal to the cost per unit at inventory sold In a period of declining prices, LIFO will result in higher income tax expense than FIFO. -) In a period of tising prices, FIFO gives higher ending inventory than LIFO does