Complete the Chart, Indicating Whether LIFO or FIFO Would Give

question 158

Essay

Complete the chart, indicating whether LIFO or FIFO would give the highest and lowest amounts for each item, assuming a period of increasing costs. $$\begin{array} { | l | l | l | } \hline & \text { Highest Amount } & \text { Low est Amount } \\\hline \text { Cost of merchandise sold } & & \\\hline \text { Gross profit } & & \\\hline \text { Net income } & & \\\hline \text { Ending merchandise inventory } & & \\\hline\end{array}$$

---

Definitions:

National Debt

National debt is the total amount of money that a country's government has borrowed, through various means, including foreign governments and domestic investors.

Multiplier

In macroeconomics, a factor that quantifies the effect of increased investment or spending in an economy, typically leading to a proportionally greater increase in income or output.

Multiplier

In economics, the multiplier effect refers to the proportional amount of increase, or decrease, in final income that results from an injection, or withdrawal, of spending.

Business Cycle

The fluctuations in economic activity that an economy experiences over a period of time, marked by phases of expansion and contraction.