Question 18 2 pts Using the FIFO method results in O higher income taxes in periods of inflation 0 a more current cost of goods sold. O lower income taxes during periods of inflation lower net income during periods of inflation Question 19 2 pts When merchandised costs are increasing, which inventory method will produce the lowest gross profit? LIFO D Weighted Average ) FIFO D Not able to determine D Question 20 2 pts Smith & Sons reports the following data at year-end Net Sales $100,000 Cost of Goods Sold $60,000 Net Income $20,000 What is their gross profit percentage? o 80% o 40% 6096 020%