Exercise 5-1A (Static) Effect of inventory cost flow assumption on financial statements LO 5-1 For each of the following situations, select whether FIFO, LIFO, or weighted average cost flow method is used. a. In a period of falling prices, net income would be highest. b. In a period of falling prices, the unit cost of goods would be the same for ending inventory and cost of goods sold. C. In a period of rising prices, net income would be highest. d. In a period of rising prices, cost of goods sold would be highest. e. In a period of rising prices, ending inventory would be highest