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QUESTION 1 During a period when inventory costs are steadily increasing, which of the following is true? Net income will be lower under FIFO than under LIFO. Cost of goods sold will be higher under LIFO than under FIFO. Ending inventory value will be lower under FIFO than under LIFO. Income taxes will be lower under FIFO than under LIFO. QUESTION 2 Alpha First Company just began business and made the following four inventory purchases in June: June June 1 10 150 units 200 units S 1,040 1,560 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save Answers arch Pi 1 points Alpha First Company just began business and made the following four inventory purchases in June: June 1 150 units S 1,040 June 10 200 units 1,560 June 15 200 units 1.680 June 28 150 units 1,320 $5.600 Alpha First sold 490 units on June 29, leaving 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is $1.848 $1,824 $1.508 $1,456 QUESTION 3 1 points Save Answer Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save Answers Save and Submit 7:26 PM 10/9/2020 9 D ENG DALL