Which ONE of the following statements is TRUE? In times of DEFLATION, FIFO results in the lowest NET INCOME. In times of DEFLATION, FIFO results in the highest INCOME TAXES. In times of DEFLATION, FIFO results in the highest GROSS PROFIT. O In times of DEFLATION, LIFO results in the highest COST OF GOODS SOLD. In times of DEFLATION, AVERAGE COST results in the lowest ending INVENTORY. In times of DEFLATION, LIFO results in the lowest ending INVENTORY