What will be the result to inventory values, cost of goods sold, and net income if the LIFO method is used during times of inflation?
a) The inventory value will be higher and the cost of goods sold will be lower, resulting in higher net income when compared with other inventory methods.
b) The inventory value will be higher and the cost of goods sold will be lower, resulting in lower net income when compared with other inventory methods.
c) The inventory value will be the same as the cost of goods sold, resulting in higher net income when compared with other inventory methods.
d) The inventory value will be lower and the cost of goods sold will be higher, resulting in lower net income when compared with other inventory methods.