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ming purchase costs are declining, determine which statements below correctly describe what happens to cost of goods sold under FIFO, LIFO and weighte lods. More than one answer may be correct.

Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.

Companies using tiFO will report the highest ending inventory on their balance sheets $($as compared to companies using FiFO or weighted average.$)$

In a situation where prices are declining, companies using LIFO will report the smallest cost of goods sold.

Companies using FIFO will report the smallest cost of goods sold $($compared to companies using LIFO or welghted average.$)$

Companies using FIFO will report the highest gross profit and net income.

Companies using tiFO will pry higher taxes than companies using FIFO, assuming all else being equal.

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