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Assuming purchase costs are rising, determine which of the statements below are correct regarding the cost of goods sold under FIFO, LIFO and weighted average cost flow methods. $($Check all that apply.$)$

Companies using LIFO will report the smallest cost of goods sold.

Companies using FIFO will report the smallest cost of goods sold.

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

Companies using FIFO will pay higher taxes than companies using LIFO, assuming all else being equal.

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

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