Could I please get assistance on my accounting document that I have attached? I have problems understanding the LIFO and FIFO with the added math.

Completion and Exercises Fill in the blanks using the dropdown list. 1. When the perpetual inventory method is being used, the accountant de Cash) when goods are purchased and debits Cost of Goods Sold and cred proper sales entry. 2. When prices are rising, LIFO inventory is __________ (higher or lower) t of goods sold under LIFO to be __________ (higher or lower) than unde or lower) under LIFO. 3. Name two recognized methods of estimating the cost of ending invento 4. Assuming periodic inventory procedure, what effect would an understat financial statements? Balance Sheet Completion and Exercises tory method is being used, the accountant debits __________ __________ and credits Accounts Payable (or chased and debits Cost of Goods Sold and credits __________ __________ when gods are sold, along with the O inventory is __________ (higher or lower) than FIFO inventory at the end of the year. This will cause the cost o be __________ (higher or lower) than under FIFO, and accordingly the net income will be __________ (higher hods of estimating the cost of ending inventory. ry procedure, what effect would an understatement of ending inventory have on the different items on the Balance Sheet