Complete the Chart Using the LIFO and FIFO Costing Methods

question 68

Essay

Complete the chart using the LIFO and FIFO costing methods, assuming a period of increasing costs:
$\begin{array} { | l | l | l | } \hline & \text { Highest Amount } & \text { Lowest Amount } \\\hline \text { Cost of merchandise sold } & & \\\hline \text { Gross Profit } & & \\\hline \text { Net Income } & & \\\hline \text { Ending Merchandise Inventory } & & \\\hline\end{array}$

---

Definitions:

Ducts

Tubes, channels, or passages in the body or in a machine that convey fluid or air from one location to another.

Interstitial Fluid

Fluid that surrounds the body’s cells; consists of dissolved substances that leave the blood capillaries by filtration and diffusion.

Metabolism

The set of life-sustaining chemical reactions in organisms to convert food into energy, and build or maintain their cells.

First Messenger

Chemical signal, such as a peptide hormone, that binds to a plasma membrane receptor protein and alters the metabolism of a cell because a second messenger is activated.