Question: 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

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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