Complete the following table, which compares the effects of LIFO, FIFO and weighted-average inventory costing methods on the financial statements in periods of declining inventory costs. The answer should be lowest, highest, or middle.
$$\begin{array} { | l | l | l | l | }
\hline \text { Financial Statement Element: } & \text { LIFO } & \text { FIFO } & \begin{array} { c }
\text { Weighted- } \
\text { Average }
\end{array} \
\hline \text { Cost of Goods Sold } & & & \
\hline \text { Net Income } & & & \
\hline \text { Ending Merchandise Inventory } & & & \
\hline
\end{array}$$

Question

Complete the following table, which compares the effects of LIFO, FIFO and weighted-average inventory costing methods on the financial statements in periods of declining inventory costs. The answer should be lowest, highest, or middle.
 $$\begin{array} { | l | l | l | l | } 
\hline \text { Financial Statement Element: } & \text { LIFO } & \text { FIFO } & \begin{array} { c } 
\text { Weighted- } \
\text { Average }
\end{array} \
\hline \text { Cost of Goods Sold } & & & \
\hline \text { Net Income } & & & \
\hline \text { Ending Merchandise Inventory } & & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Complete the following table, which compares the effects of LIFO, FIFO and weighted-average inventory costing methods on the financial statements in periods of declining inventory costs. The answer should be lowest, highest, or middle.
 $$\begin{array} { | l | l | l | l | } 
\hline \text { Financial Statement Element: } & \text { LIFO } & \text { FIFO } & \begin{array} { c } 
\text { Weighted- } \
\text { Average }
\end{array} \
\hline \text { Cost of Goods Sold } & & & \
\hline \text { Net Income } & & & \
\hline \text { Ending Merchandise Inventory } & & & \
\hline
\end{array}$$

Complete the Following Table, Which Compares the Effects of LIFO