homework Required For each of the following situations, indicate whether FIFO, UFO, or weighted average applies a. In a period of ting prices, net income would be highest In a period of ting prices, the cost of goods would be the same for ending inventory and cost of goods sold In a period of rising prices net income would be highest an a period of rising prios, cost of gods sold would be highest e in a period of rising prices, ending inventory would be highest