Inventory and cost of goods sold calculations made under the FIFO and LIFO methods of inventory valuation are presented below for ABC Co. The company has a 30% tax rate. FIFO LIFO Ending Inventory 118,000 55,000 Cost of goods sold 837,000 900,000 955,000 955,000 Assuming Sales for the company total $3,000,000, what is the difference in the amount of Gross Profit ABC Co. would report if it uses FIFO instead of LIFO? A Which inventory valuation method would report the higher gross profit referred to above? FIFO or LIFO? A How much additional cash would be available to ABC Co if they used LIFO instead of FIFO? A