Answer the following three questions assuming that inventory costs are increasing over time (i.e., assume a period of inflation). Select your answer by clicking in the drop down box to the right of each question. Answer choices may be used once, more than once, or not at all.

Group of answer choices: FIFO LIFO Weighted Average

Which inventory costing method will show cost of goods sold at the most current acquisition costs?

Which inventory costing method will show the highest net income?

Which inventory costing method will show the smallest amount of ending inventory?