Question Completion Status: QUESTION 3 In a period when prices are rising and inventory quantities are stable, the inventory cost flow method that will result in the highest cost of goods sold and lowest ending inventory balance is: A. FIFO. B. Average cost. C.LIFO. D. Specific identification. QUESTION 4 Gutierrez Industries uses a periodic inventory system. During its first month of operations, Gutierrez makes the following purchases: February 1 February 15 40 units @ $100 per unit 20 units @ $80 per unit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All