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

question 131

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.
$$\begin{array} { | l | l | l | l | } \hline \begin{array} { l } \text { Financial Statement } \\\text { Element: }\end{array} & \text { LFF } & \text { FFF } & \begin{array} { c } \text { Weighted- } \\\text { Average }\end{array} \\\hline \text { Cost of Goods Sold } & & & \\\hline \text { Net Income } & & & \\\hline \text { Ending Merchandise } & & & \\\text { Inventory } & & & \\\hline\end{array}$$

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Definitions:

Total Revenue

The complete amount of income generated by a business or entity from its activities, before any expenses are deducted.

Sole Proprietorships

A business owned and operated by one individual, without any legal distinction between the owner and the business.

Unincorporated Business Associations

Groups or partnerships operating a business without forming a legal corporation, thus not enjoying the benefits or protections of corporate status.

Duty Of Obedience

An obligation to act in accordance with the directives or policies of an organization, typically refers to nonprofit boards or similar entities.