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 lignore tax effectsl?

Multiple Choice

Reported profits are higher under LIFO than under FIFO by $$10,000$ for that year.

Ending inventory is higher under FIFO than under LIFO by $$30,000$ at the end of the year.

Cost of goods sold is higher under FIFO than under LIFO by $$10,000$ for that year.

All of the other answers are true.