Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results a. In each space that follows, place the correct sign [less than (), or equal (=)] for each...

Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results

a. In each space that follows, place the correct sign [less than (), or equal (=)] for each comparison, assuming periods of rising prices.

b. Why would management prefer to use LIFO over FIFO in periods of rising prices?