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Which ONE of the following statements is TRUE ? In times of INFLATION, FIFO results in the highest INCOME TAXES. In times of DEFLATION, AVERAGE

Which ONE of the following statements isTRUE?

In times of INFLATION, FIFO results in the highest INCOME TAXES.

In times of DEFLATION, AVERAGE COST results in the highest ending INVENTORY.

In times of INFLATION, LIFO results in the highest ending INVENTORY.

In times of INFLATION, LIFO results in the highest INCOME TAXES.

In times of DEFLATION, FIFO results in the highest ending INVENTORY.

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