Need help with answering requirement 4...

-First box, answers are: average-cost, LIFO, or FIFO.

-Second box, answers are: increasing or decreasing.

-Third box, answers are: highest or lowest.

Requirements 1, 2, and 3. Compute cost of goods sold and gross profit using FIFO, LIFO, and average cost methods. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.) FIFO UFO Avg. Cost $ 5,600 $ 5,600 $ 5,600 Cost of goods sold 3.544 3 ,418 3.477 Gross profit $ 2,056 $ 2,182 s 2,123 Requirement 4. Which method results in the largest gross profit and why? The LIFO method resulted in the largest gross profit because during times of increasing inventory prices, as was the case here ce the highest cost of goods sold. average-cost LIFO FIFO Click to select your answer(s) and then click Check