Complete the Chart, Indicating Whether LIFO or FIFO Would Give

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. $$\begin{array} { | l | l | l | } \hline & \text { Highest Amount } & \text { Low est Amount } \\\hline \text { Cost of merchandise sold } & & \\\hline \text { Gross profit } & & \\\hline \text { Net income } & & \\\hline \text { Ending merchandise inventory } & & \\\hline\end{array}$$