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Complete the following table, which compares the effects of LIFO, FIFO and weighted-average inventory costing methods on the financial statements in periods of declining inventory

Complete the following table, which compares the effects of LIFO, FIFO and weighted-average inventory costing methods on the financial statements in periods of declining inventory costs. The answer should be lowest, highest, or middle

financial Statement Element:

LIFO

FIFO

Weighted Average

Cost of Goods Sold

Net Income

Ending Merchandise inventory

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