Which of the following statements is correct when inventory unit costs are decreasing? O FIFO will result in lower COGS and a higher inventory valuation than will LIFO. LIFO will result in higher COGS and a lower inventory valuation than will FIFO LIFO will result in lower COGS and a higher inventory valuation than will FIFO. FIFO will result in higher COGS and a higher inventory valuation than will LIFO.