comparing inventory methods

Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results.

In each dropdown below, select the correct sign [less than (<) greater than (>), or equal(=)] for each comparison , assuming periods of rising prices.

1. FIFO inventory ________ LIFO inventory

2. FIFO cost of goods sold _________ LIFO cost of goods sold

3. FIFO net income ___________ LIFO net income

4. FIFO income taxes _________ LIFO income taxes