Which of the following statements is correct when inventory unit costs are decreasing?
FIFO's cost of goods sold will be the largest among the inventory costing methods.
LIFO's income tax will be the lowest among the inventory costing methods.
Ending inventory using the FIFO cost method will be higher than the ending inventory when the LIFO method is used.
Cost of goods sold using the average cost method will be less than cost of goods sold when the LIFO method is used.