Overstating ending inventory in the current year causes net income in the current year to be overstated. Select one True False Using the weighted average cost method, the average cost of inventory is calculated as the average unit cost of inventory purchased during the year Select one: True O False During periods of rising costs, FIFO generally results in a higher cost of goods sold Select one True O False During periods of rising costs, LIFO generally results in a higher ending inventory balance Select one True False