In periods with rising prices and increasing quantities of inventories, which of the following relationships among inventory valuation methods is generally correct:
a) FIFO has a higher inventory balance and a lower net income than LIFO.
b) FIFO has a higher inventory balance and a higher net income than LIFO.
c) LIFO has a higher inventory balance and a higher net income than FIFO.
d) LIFO has a higher inventory balance and a lower net income than FIFO.