3. Income Statement Formula. Fill in the missing amounts.

6. Inventory Concepts. Answer the questions. a. Which inventory cost flow assumption uses the most current costs for the ending inventory (and Balance Sheet)? b. Which inventory cost flow assumption uses the most current costs for cost of goods sold (and Income Statement? c. Which inventory cost flow assumption assumes all units have the same cost? d. In periods of rising prices (inflation), which cost flow assumption produces the: (1) Highest net income? (2) Highest cost of goods sold? (3) Lowest gross profit? (4) Lowest cost of goods sold? (5) Highest gross profit? (6) Lowest net income?