Which of the following are true statements? (select all that apply) OOOO A. Companies will report higher COGS when using LIFO, instead of FIFO, in a period of deflation. B. Companies will report higher income tax expense when using LIFO, instead of FIFO, in a period of inflation. C. Companies will report higher net income when using LIFO, instead of FIFO, in a period of inflation. D. Companies will report higher gross profit when using LIFO, instead of FIFO, in a period of deflation. A company has the following inventory transactions: Date Transaction Units Price/Unit March 1 Beginning Balance 200 $5 March 4 Purchase 125 $7 March 12 Sell 250 $11 March 23 Purchase 100 $7 March 28 Sell 50 $11 % (Note: Enter numbers only; no symbols, spaces, What is the company's Gross Profit Rate using FIFO in a periodic inventory system? commas, etc. Round final answer to the nearest whole number.)