Which of the following statements regarding the last-in, first-out (LIFO) method of accounting for inventory is CORRECT? A) During periods of increasing inventory prices, higher taxable income will result. B) During periods of declining inventory prices, lower taxable income will result. C) During periods of declining inventory prices, the cost of goods sold (COGS) will be higher. D) During periods of increasing inventory prices, lower taxable income will result.