Complete the Chart,indicating Whether LIFO or FIFO Would Give the Highest

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