(Solved): Which of the following best describes the impact of the FIFO method during periods of inflation on t ...

Which of the following best describes the impact of the FIFO method during periods of inflation on the companies gross profit? A FIFO reduces gross profit by increasing cost of goods sold. B. FIFo increases gross profit by decreasing cost of goods sold C. FIFO has no impact on gross profit in periods of inflation D. FIFo increases gross profit by increasing ending inventory