When the LIFO method of inventory valuation is used, Cost of Goods Sold is assumed to consist of Select one: a. The least expensive units b. The most expensive units c. The most recently purchased units d. The oldest units Comparing periodic LIFO and periodic FIFO, which method results in higher amounts of Cost of Goods Sold and Gross Profit in periods of falling prices? Select one: a. Cost of Goods Sold Gross Profit FIFO FIFO b. Cost of Goods Sold Gross Profit LIFO LIFO C. Cost of Goods Sold Gross Profit FIFO LIFO d. Cost of Goods SoldGross Profit LIFO FIFO