1. In a period of rising prices, which of the following inventory methods generally results in the lowest net income figure?

A. Average cost method

B. FIFO method

C. LIFO method

D. Need more information to answer

2. In a period of rising prices, which of the following inventory methods generally results in the lowest cost of goods sold figure?

A. LIFO method

B. FIFO method

C. Need more information to answer

D. Average cost method

3. In a period of rising prices, which inventory method generally results in costs allocated to ending inventory that will approximate their current cost?

A. FIFO

B. Perpetual method

C. Average cost method

D. LIFO