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Question 26 Which ONE of the following statements is TRUE? In times of INFLATION. FIFO results in the lowest ending inventory. In times of INFLATION, LIFO results in the highest gross profit. In times of INFLATION, FIFO results in the highest cost of goods sold. O In times of INFLATION, LIFO results in the lowest income taxes. O In times of INFLATION, LIFO results in the highest net income. O In times of INFLATION, average cost results in the lowest ending inventory