TB MC Qu$.7-49($Static$)$ Under the LIFO cost flow assumption during...

Under the LIFO cost flow assumption during a period of rising costs, which of the following is false?

Multiple Choice

Cost of goods sold will be lower under LIFO than under FIFO.

Net income will be lower under LIFO than under FIFO.

Income tax expense will be lower under LIFO than under FIFO.

Ending inventory will be lower under LIFO than under FIFO.