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

question 159

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 declining inventory costs.The answer should be lowest,highest,or middle.
$$\begin{array} { | l | c | c | c | } \hline \begin{array} { l } \text { Financial Statement } \\\text { Element: }\end{array} & \text { LIFO } & \text { FIFO } & \begin{array} { c } \text { Weighted- } \\\text { Average }\end{array} \\\hline \text { Cost of Goods Sold } & & & \\\hline \text { Net Income } & & & \\\hline \text { Ending Merchandise } & & & \\\text { Inventory } & & & \\\hline\end{array}$$

Identify the elements and organization of accounts within a ledger.

Recognize the role of accounts payable and accounts receivable in business transactions.

Understand the process of recording cash transactions and their impact on the cash account.

Know various types of accounts (assets, liabilities, equity) and their normal balances.

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