Question 30 1.5 pts In a period of rising prices, LIFO produces the highest cost of goods sold and the lowest gross profit. True False D Question 31 2.5 pts Taylor Company changed its inventory cost flow assumption from FIFO to LIFO in a period of rising prices. What would be the effect of this change on ending inventory in the year of the change? no change in ending inventory decreased ending inventory cannot be determined from the information given increased ending inventory