Read the following statements related to the use of FIFO and LIFO inventory valuation during a period of rising prices. Which is/are true? FIFO results in the highest inventory value on the balance sheet. LIFO results in the highest amount of net income. FIFO results in the highest amount of cost of goods sold. Only statement l is true. All the above statements are true. l and III are true I and II are true. II and III are true