When the perpetual inventory method is being used, the accountant debits __________ __________ and credits Accounts Payable (or Cash) when goods are purchased and debits Cost of Goods Sold and credits __________ __________ when gods are sold, along with the proper sales entry.
	When prices are rising, LIFO inventory is __________ (higher or lower) than FIFO inventory at the end of the year. This will cause the cost of goods sold under LIFO to be __________ (higher or lower) than under FIFO, and accordingly the net income will be __________ (higher or lower) under LIFO.