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4. Answer each of the following questions. Possible answers are LIFO, FIFO, Weighted Average or No Difference. When costs are RISING: Which method will
4. Answer each of the following questions. Possible answers are LIFO, FIFO, Weighted Average or No Difference. When costs are RISING: Which method will result in the highest COGS? Which method will result in the highest Ending Inventory? Which method will result in the highest Sales Revenue? LIFO, FIFO, Weighted Average or No difference? When costs are FALLING: Which method will result in the highest COGS? Which method will result in the highest Cost of Goods Available for Sale? Which method will result in the highest Gross Profit? LIFO, FIFO, Weighted Average or No difference?
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