Effect of inventory cost flow assumption on financial statements
[Required
For each of the following situations, fill in the blank with FIFO, LIFO, or weighted average.
a. | ______ | would produce the highest amount of net income in an inflationary environment. |
b. | ______ | would produce the highest amount of assets in an inflationary environment. |
c. | ______ | would produce the lowest amount of net income in a deflationary environment. |
d. | ______ | would produce the same unit cost for assets and cost of goods sold in an inflationary environment. |
e. | ______ | would produce the lowest amount of net income in an inflationary environment. |
f. | ______ | would produce an asset value that was the same regardless of whether the environment was inflationary or deflationary. |
g. | ______ | would produce the lowest amount of assets in an inflationary environment. |
h. | ______ | would produce the highest amount of assets in a deflationary environment. |
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