During times of rising prices, which of the following is not an accurate statement?

A) Average costing will yield results that are between those of FIFO and LIFO.
B) LIFO will result in a higher cost of goods sold than FIFO.
C) FIFO will result in a higher net income than LIFO.
D) LIFO will result in higher income taxes than FIFO.

During times of rising prices, LIFO (Last In, First Out) results in a higher cost of goods sold because the most recently acquired (and presumably more expensive) inventory is sold first. This leads to lower net income compared to FIFO (First In, First Out), where older, less expensive inventory is sold first, resulting in higher net income. Therefore, LIFO would result in lower income taxes than FIFO, not higher, making option D incorrect.