Which one of the following statements is true? In times of deflation, Average Cost results in the highest Ending Inventory. In times of deflation. FIFO results in the highest Income Taxes. In times of deflation, FIFO results in the highest Gross Profit. In times of deflation, LIFO results in the lowest Ending Inventory. In times of deflation, FIFO results in the highest Ending Inventory, In times of deflation. LIFO results in the highest Net income