You work for a CPA firm that has been hired by Widget Tek Inc., a merchandising company that is getting ready to expand. The president of Widget Tek Inc. is concerned with obtaining a loan for the expansion and wants to be sure that all the financial statements accurately reflect the companys accounting records.

As preparation for this assignment, you have been asked to review the effects of changing prices on three inventory costing methods: LIFO, FIFO, and weighted average.

Identify the scenarios and inventory methods that result in the highest and lowest values for each item Isted. Enter Highest west or eave the bor bank Cost of Goods Sold Ending Inventory Net Income LIFO, when prices are falling Weighted average, when prices are falling Weighted average, when prices are rising FIFO, when prices are falling FIFO, when prices are rising LIFO, when prices are rising Identify the scenarios and inventory methods that result in the highest and lowest values for each item Isted. Enter Highest west or eave the bor bank Cost of Goods Sold Ending Inventory Net Income LIFO, when prices are falling Weighted average, when prices are falling Weighted average, when prices are rising FIFO, when prices are falling FIFO, when prices are rising LIFO, when prices are rising