Question: Matching Financial Statement Effects to Inventory Costing Methods Indicate whether the FIFO or LIFO inventory costing method normally produces each of the following effects under

Matching Financial Statement Effects to Inventory Costing Methods
Indicate whether the FIFO or LIFO inventory costing method normally produces each of the following effects under the listed circumstances.
a. Declining costs
Highest net income ______
Highest inventory ______
b. Rising costs
Highest net income ______
Highest inventory ______

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