net income. 20. In times of declining prices, generally result(s) in the A) LIFO, lower B) FIFO, higher C) LIFO, higher D) LIFO and FIFO, same Ashland Company has a perpetual inventory system and uses the FIFO method of inventory costing. Ashland had a beginning inventory of 50 units and reported the following events during the month of June: a Number of Units Date Event Bought Sold Unit Price June 1 Beginning Inv. $10 3 Purchase 25 11 5 Sale 50 10 Purchase 120 12 16 Sale 65 21 Sale 40 25 Purchase 155 14 30 Sale 120