TB MC Qu$.7-50($Static$)$ Which of the following statements is$...$

Which of the following statements is correct when inventory unit costs are increasing?

Multiple Choice

FIFO will result in higher net income and a higher inventory valuation than will LIFO.

LIFO will result in lower net income and a higher inventory valuation than will FIFO.

LIFO will result in higher net income and lower inventory valuation than will FIFO.

FIFO will result in lower net income and a lower inventory valuation than will LIFO.