XYZ is in the cookie industry. The industry is characterized by rising inventory prices. At the beginning of the year XYZ switches its inventory costing method from LIFO to FIFO. Which of the following will happen? Ending inventory will be lower. Net income before tax for the year will be lower. Gross profit for the year will be higher Cost of goods sold will be higher. Click if you would like to Show Work for this question: Open Show Work