If inventory is being valued at cost and the price level is steadily rising, discuss which of the two methods of costing FIFO or LIFO will yield. Please respond in a paragraph format and elaborate on your response, not just the answer to the below. For instance, elaborate on why either FIFO of LIFO yields the highest or lowest cost or gross profit: [a] the highest inventory cost, [b] the lowest inventory cost, [c] the highest gross profit,or [d] the lowest gross profit.
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