In case of rising prices (inflation), FIFO method will:
(a) provide lowest value of closing stock and profit
(b) provide highest value of closing stock and profit
(c) provide highest value of closing stock but lowest value of profit
(d) provide highest value of profit but lowest value of closing stock
(a) provide lowest value of closing stock and profit
(b) provide highest value of closing stock and profit
(c) provide highest value of closing stock but lowest value of profit
(d) provide highest value of profit but lowest value of closing stock