Question 26 Which ONE of the following statements is TRUE? In times of deflation, Average Cost results in the lowest Ending Inventory. In times of deflation, LIFO results in the lowest Ending Inventory. In times of deflation, FIFO results in the highest Gross Profit In times of deflation, FIFO results in the highest Net Income. In times of deflation, FIFO results in the highest Ending Inventory. In times of deflation, LIFO results in the highest Income Taxes