Complete the Following Table,which Compares the Effects of LIFO,FIFO,and Weighted-Average

question 38

Essay

Complete the following table,which compares the effects of LIFO,FIFO,and weighted-average inventory costing methods on the financial statements in periods of rising inventory costs.The answer should be lowest,highest,or middle.
$$\begin{array} { | l | c | c | c | } \hline \text { Financial Statement Element: } & \text { LIFO } & \text { FIFO } & \begin{array} { c } \text { Weighted- } \\\text { Average }\end{array} \\\hline \text { Cost of Goods Sold } & & & \\\hline \text { Net Income } & & & \\\hline \text { Ending Merchandise Inventory } & & & \\\hline\end{array}$$

---

Definitions:

Pseudoforgetting

The phenomenon where information was never properly encoded into memory, giving the illusion it has been forgotten.

Recognition

The cognitive process involved in identifying and categorizing previously encountered stimuli.

Recall

The act of remembering or being able to bring back to mind an experience, fact, or piece of information.

Encoding

The method of changing data into a structure suitable for memory preservation.