Chapter 6 covers different cost flow assumptions such as Specific Identification, First in First Out (FIFO), Last In First Out (LIFO) and Average Cost. 1. In an Inflationary period, will Cost of Goods Sold be Higher under FIFO or LIFO? Explain why you chose that response. 2. In an Inflationary period, will Ending Inventory Value be Higher under FIFO or LIFO? Explain why you chose that response. 3. Give Feedback to one of your Peers Chapter 6 covers different cost flow assumptions such as Specific Identification, First in First Out (FIFO), Last In First Out (LIFO) and Average Cost. 1. In an Inflationary period, will Cost of Goods Sold be Higher under FIFO or LIFO? Explain why you chose that response. 2. In an Inflationary period, will Ending Inventory Value be Higher under FIFO or LIFO? Explain why you chose that response. 3. Give Feedback to one of your