A company had a decrease in the LIFO reserve during the year from $40,000 to $30,000. Which of the following would be true (ignore tax effects)? Multiple Choice Reported profits are higher under LIFO than under FIFO by $10,000 for that year. O Ending inventory is higher under FIFO than under LIFO by $30,000 at the end of the year. O O Cost of goods sold is higher under FIFO than under LIFO by $10,000 for that year. o All of the other answers are true