Sanborn Inc. is a new manufacturing company founded on February 2, 2012. The company had to choose between the LIFO and FIFO methods for its inventory. Inventory costs were rising during 2012, so the company decided to use the LIFO method.

Which of the following items would bedecreasedby the choice of LIFO (compared to what would have happened if they chose to use FIFO)? (check all that apply)

Cash Taxes Paid

Inventory

Cost of Goods Sold

Accounts Payable

Net Income