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

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. $$\begin{array} { | l | l | l | } 
\hline & \text { Highest Amount } & \text { Low est Amount } \
\hline \text { Cost of merchandise sold } & & \
\hline \text { Gross profit } & & \
\hline \text { Net income } & & \
\hline \text { Ending merchandise inventory } & & \
\hline
\end{array}$$

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. $$\begin{array} { | l | l | l | } 
\hline & \text { Highest Amount } & \text { Low est Amount } \
\hline \text { Cost of merchandise sold } & & \
\hline \text { Gross profit } & & \
\hline \text { Net income } & & \
\hline \text { Ending merchandise inventory } & & \
\hline
\end{array}$$

Complete the Chart, Indicating Whether LIFO or FIFO Would Give