Q8. In times of rising purchase prices, which of the statements is true? ( 4 marks) This question has two parts: (0) Select A or B Select C or D (i) A B Closing inventory FIFO will result in a lower closing inventory value LIFO will result in a lower closing inventory value (ii) D Cost of sales FIFO will generate a higher cost of sales value LIFO will generate a higher cost of sales value