Complete the chart,indicating whether LIFO or FIFO would give the highest and lowest amounts for each item,assuming a period of increasing costs.
$\begin{array}{|l|c|c|}
\hline & \text { Highest Amount } & \text { Lowest Amount } \
\hline \text { Cost of merchandise sold } & \
\hline \text { Gross profit } & \
\hline \text { Net income } & \
\hline \text { Ending merchandise inventory } & \
\hline
\end{array}$

Question

Complete the chart,indicating whether LIFO or FIFO would give the highest and lowest amounts for each item,assuming a period of increasing costs.
$\begin{array}{|l|c|c|}
\hline & \text { Highest Amount } & \text { Lowest Amount } \
\hline \text { Cost of merchandise sold } &  \
\hline \text { Gross profit } &  \
\hline \text { Net income } & \
\hline \text { Ending merchandise inventory } &  \
\hline
\end{array}$

Quizplus · Accepted Answer

The Answer of Complete the chart,indicating whether LIFO or FIFO would give the highest and lowest amounts for each item,assuming a period of increasing costs.
$\begin{array}{|l|c|c|}
\hline & \text { Highest Amount } & \text { Lowest Amount } \
\hline \text { Cost of merchandise sold } &  \
\hline \text { Gross profit } &  \
\hline \text { Net income } & \
\hline \text { Ending merchandise inventory } &  \
\hline
\end{array}$

Complete the Chart,indicating Whether LIFO or FIFO Would Give the Highest