Complete the following schedule contrasting the effect the three inventory cost flow assumptions have on the balance sheet and income statement dollar amounts. Specify for each financial statement the account that is affected by the sale of inventory. Insert the most appropriate term (High, Middle, or Low) to indicate how the specified account would be affected by each of the given cost flow assumptions. Assume an inflationary environment.
| Cost Flow Assumptions |
Account Affected | FIFO AVG LIFO |
1. Balance Sheet: |
|
2. Income Statement: |
|
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