Complete the following table, which compares the effects of LIFO, FIFO, and weighted-average inventory costing methods on the financial statements in periods of rising inventory costs. The answer should be lowest, highest, or middle
Financial Statement Element:
LIFO
FIFO
Weighted-
Average
Cost of Goods Sold
Net Income
Ending Merchandise Inventory
What will be an ideal response
Financial Statement Element:
LIFO
FIFO
Weighted-
Average
Cost of Goods Sold Highest Lowest Middle
Net Income Lowest Highest Middle
Ending Merchandise Inventory Lowest Highest Middle
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