rect Question 4 0/2 pts Two methods of pricing inventories are FIFO (first-in, first-out) and LIFO (last-in, first-out). Assuming that prices are steadily declining, which inventory method gives the lowest inventory valuation on the balance sheet? Which method gives the highest cost of goods sold on the income statement? Gives the lowest inventory valuation Gives the highest cost of goods sold (The answers are in the above order the first answer is for the lowest inventory and the second answer is for the highest cost of goods sold) LIFO:LIFO FIFO; FIFO FIFO:LIFO LIFO: FIFO