rent Attempt in Progress a When comparing the weighted average and FIFO inventory cost formulas during a period when prices are rising, which of the following statements is correct? FIFO will result in a lower inventory balance reported on the balance sheet. Weighted average will result in a higher cash flow. FIFO will result in a higher profit reported on the income statement. Weighted average will result in a higher gross profit reported on the income statement eTextbook and Media Attempts:0 of 3 used Submit Awe Save for Later