E$7-10($Algo$)$ Evaluating the Effects of Inventory Methods on Income from Operations, Income Taxes, and Net Income $($Periodic$)[$LO $7-3]$

$1.$ Complete the income statements and the cost of goods sold calculation under the FIFO, LIFO, and weighted average costing methods.

$2-$a$.$ Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are rising?

$2-$b$.$ Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are rising?

$3-$a$.$ Between FIFO and LIFO, which method is preferable in terms of maximizing income from operations, if costs are falling?

$3-$b$.$ Between FIFO and LIFO, which method is preferable in terms of minimizing income taxes, if costs are falling?

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