Which of the following is incorrect regarding LIFO and FIFO?

A) In a period of decreasing costs, FIFO will result in lower total assets than LIFO.

B) In a period of increasing costs, net income will be greater under FIFO than LIFO.

C) In a period of increasing costs, assets will be greater under LIFO than FIFO.

D) In a period of decreasing costs, LIFO will result in greater net income than FIFO.

Answer: C