Assuming purchase costs are declining, determine which statements below correctly describe what happens to cost weighted average cost flow methods. $($Check all that apply.$)$

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

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

Companies using LIFO will report the highest ending inventory on their balance sheets $($as compared to con average,$)$

Companies using FIFO will report the smallest cost of goods sold $($compared to companies using LIFO or we

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

$q,$ nies using FIFO will report the highest gross profit and net income.

Neec $$

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