Choose the statement that best describes the effects of the LIFO inventory valuation method compared with FIFO or average cost. September 22, 2022 by 8i9x6 During periods of rising prices LIFO gives the highest gross profit and the lowest closing inventory value. During periods of falling prices LIFO gives the highest gross profit and the lowest closing inventory value. During periods of rising prices LIFO gives the lowest gross profit and the lowest closing inventory value. None of the above. See Answer During periods of rising prices LIFO gives the lowest gross profit and the lowest closing inventory value.