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LIFO and FIFO. Please help. Thank you ?? 23. Incomplete financial information is presented below. Fill in the missing amounts. Sales Revenue Sales Retuns and

LIFO and FIFO. Please help. Thank you ?? image text in transcribed
23. Incomplete financial information is presented below. Fill in the missing amounts. Sales Revenue Sales Retuns and Allowances Net Sales Cost of Goods Sold Gross profit 102,000 90,000 40,000 12,500 Net Income 24. The management of Hello Doggy is trying to decide whether to use LIFO, FIFO or average cost to cost its inventory since their prices are always rising. It has these 3 questions: a. Which will provide the highest net income b. Provides the highest inventory amount c. Resuls in the most consistent earnings over time d, Results in the lowest income tax expense

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