Question: 1 . Which inventory method results in the highest net income during periods of rising prices? a . LIFO b . Weighted average c .

1.Which inventory method results in the highest net income during periods of rising prices?
a. LIFO
b. Weighted average
c. FIFO
d. Specific identification
Line Item DescriptionValueBeginning inventory$1,000Inventory purchased3,000Net income40,000Ending inventory2,000Sales185,000
a. $2,000
b. $4,000
c. $145,000
d. $185,000

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