Which of the following are true statements? (select all that apply) A. Companies will report higher gross profit when using LIFO, instead of FIFO, in a period of deflation. B. Companies will report higher net income when using LIFO, instead of FIFO, in a period of inflation. C. Companies will report higher income tax expense when using LIFO, instead of FIFO, in a period of inflation. D. Companies will report higher COGS when using LIFO, instead of FIFO, in a period of deflation. Mark for Review What's This