QUESTION 45 Which of the inventory cost now assumption is likely to produce the highest net income and the highest.cost of goods sold during a period of inflion? O LIFO will result in the highest Net Income and FIFO will result in the highest COGS O FIFO will result in the highest Net Income and the highest COGS O FIFO will result in the highest Net Income and LIFO will result in the highest COGS O LIFO will result in the highest Net Income and the highest COGS QUESTION 46 Lucille Enterprises purchased land for expansion of its factory to be built in the next few years. This purchase will be reported as what type of activity on the Statement of Cash Flows? O It will not be reported as it is not in production yet O Cash for investing Cash from Operations O Cash from Financing